Millennial activewear brand Outdoor Voices is on the verge of bankruptcy after abruptly closing all its stores: ‘Our chairwoman was posting cat memes the day we were told' [Fortune]
Warby Parker Inc. (WRBY)
Company Research
Source: Fortune
Years of executive reshuffles and acquisition rumors culminated in a very public meltdown earlier this month, when the company closed all its retail locations and abruptly laid off most of its workforce. Outdoor Voices is now reportedly on the verge of bankruptcy. Former employees told Fortune they are furious over the company's lack of communication about the store closures, as well as chair Ashley Merrill's behavior, which included posting Instagram memes shortly after laying off dozens of workers. The actions were “a slap to the face,” one former Outdoor Voices worker told Fortune. On Monday, March 11, the company laid off an estimated 80% of its corporate workforce, including the entire HR, brand, and design teams, three former employees told Fortune . The following day, it told staff it would close all 16 of its stores and sell exclusively online, leaving all retail employees out of a job with five days' notice. The people estimate there are now fewer than 15 employees left
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