Rent the Runway to Reduce Workforce as More Customers Pause Their Subscriptions

The New York company on Monday didn’t specify the total number of jobs affected. It had 958 full-time employees and 138 part-time employees as of Jan. 31, according to securities filings.

The workforce reduction is meant to transform Rent the Runway from a cash burner into a company that can fund itself through revenue alone, co-founder and Chief Executive Jenn Hyman said in an interview. Rent the Runway was founded in November 2008 and since its inception it has incurred roughly $878 million of losses as of July.

*Source: https://www.wsj.com/articles/rent-the-runway-to-reduce-workforce-as-more-customers-pause-their-subscriptions-11663025034