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Hundreds of people will be laid off from REI as the company braces for revenue declines, according to the company’s CEO.
DENVER — The CEO of REI announced the company will lay off hundreds of workers once again.
REI CEO Eric Artz said in a letter Thursday that the company will reduce its workforce by 357 people, including 200 people at headquarters, six in sales and customer service, 30 in experiences and 121 in its distribution centers.
Artz said the layoffs were “primarily driven by financial necessity.” Every employee losing their job will receive separation benefits, including severance, COBRA and outplacement support and services, according to Artz.
“As you know, the state of the business — and our industry — has become increasingly challenging and highly promotional,” Artz wrote in his letter.
“We are planning this year’s revenue to be down from 2023, reflecting the macroeconomic conditions we are expecting for 2024,” Artz said. “When we plan our revenues down, we must adjust our plans and cost structure accordingly. We must also continue our work to return REI to profitability to set the co-op up for long-term health and success.”
Last spring, REI cut 167 jobs from corporate positions and another 275 employees in lead roles were laid off in the fall.
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