SoftBank-backed Brandless to lay off staff, shutter operations [CNBC]
SOFTBANK GRP UNSP/ADR (SFTBY)
NASDAQ:AMEX Investor Relations:
softbank.jp/en/corp/irinfo/presentations
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Source: CNBC
The company is only retaining 10 employees to complete remaining orders. The $100 billion megafund has funneled cash into Uber The direct-to-consumer retailer launched in 2017 However, the company's business model was "unsustainable" in the "fiercely competitive" direct-to-consumer market, the Brandless board said in a joint statement to CNBC. "Brandless set a new standard in the wellness and sustainable products industry, and while we weren't able to compete competitively in today's DTC market, I'm confident the next great brands of tomorrow will be built from this experience," said Brandless CEO Evan Price in a statement to CNBC. Other ventures supported by SoftBank Vision Fund have also faced difficulties. In January, robotic pizza business Zume laid off half its staff backed out of its investment a botched IPO Last week, hedge fund Elliott Management took a more than $2.5 billion stake SoftBank did not respond to CNBC's request for comment.
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