Supply-chain technology startup Stord laid off 59 employees, representing about 8% of its 700-person workforce, on June 2, 2022. This move came as a shock to many, occurring less than a month after the company announced $120 million in new Series D funding and a $1.3 billion valuation. Leadership attributed the layoffs to having hired too quickly, despite previously stating the new capital was a "war chest" to weather tough times. The company, which provides a cloud-based logistics platform connecting warehouses and offering fulfillment services, emphasized it remains in a strong financial position with record revenue growth. This event reflects broader economic pressures and a wave of layoffs impacting the tech and supply-chain sectors.
