Mister Spex Layoffs
August 2024
Mister Spex announced a layoff affecting 0 employees (10% of its workforce) in August 2024. The company operates in the Retail sector.
0
10%
Aug 15, 2024
About
German online eyewear retailer Mister Spex is laying off approximately 130 employees, representing about 10% of its total workforce of 1,300, as part of a major restructuring program called "SpexFocus" approved in mid-August 2024. The plan, aimed at significantly improving profitability and cash flow, also involves closing all eight of its international physical stores. This decisive move follows disappointing financial results, including a €9.3 million loss in Q1 2024, a steep 89% decline in its share price since its 2021 IPO, and reported internal disagreements among shareholders and supervisory board members. The company, operating in the eyewear/e-commerce industry, expects these measures to boost its EBITDA by over €20 million in 2025 and 2026.
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