Sam Boughedda

Stitch Fix CNBC reports that (NASDAQ:) The online company for personal stylists will be laying off 15% of salaried workers.

According to the report which quotes an internal memo, most of those being fired are in leadership roles within corporate styling and corporate management.

Stitch Fix shares are now down another 8% after the announcement.

This year has seen the company struggle to attract new clients due to issues in its supply chain and rising prices for marketing and labor.

CNBC reported Elizabeth Spaulding, CEO of Stitch Fix, said that the company had “taken an entirely new look at” their business. “While this was an incredibly difficult decision, it was one needed to make to position ourselves for profitable growth,” Spaulding reportedly wrote.

According to reports, approximately 330 people received information about the cut on Thursday. This is around 4% of Stitch Fix employees.

According to Meta to Peloton, companies like these are slower in hiring while restaurants, hotels, and airlines are experiencing difficulty hiring.

Stitch Fix today reports on earnings aftermarket