The RealReal

The RealReal laid off 230 employees representing approximately 7% of its workforce on 2023-02-16.

In April 2020, amid the economic turmoil of the COVID-19 pandemic, luxury consignment retailer The RealReal announced significant workforce reductions. The publicly traded online platform laid off 10% of its employees and placed an additional 15% on furlough. These measures, part of a broader cost-cutting strategy that included executive pay reductions and a hiring freeze, were aimed at reducing operating expenses by approximately $70 million to preserve liquidity. The furloughs affected staff across e-commerce centers, retail stores, consignment offices, sales, and headquarters. CEO Julie Wainwright stated the moves were necessary to weather the crisis and position the company for a strong recovery once the economy stabilized, highlighting the company's focus on its balance sheet and long-term operational scaling.