RetailUS

Packable Layoffs

August 2022

Packable announced a layoff affecting 138 employees (20% of its workforce) in August 2022. The company operates in the Retail sector.

People Affected

138

Percentage

20%

Announced Date

Aug 23, 2022

About

Packable, the parent company of top Amazon seller Pharmapacks, is ceasing operations and laying off all its employees after failing to secure new financing. The company announced it is laying off 138 employees initially, about 20% of its staff, with the remaining 372 employees to be terminated as the business winds down. This decision follows a collapsed plan to go public via a SPAC merger last year, which valued the company at $1.55 billion. Once the largest seller on Amazon's U.S. marketplace, Packable operated in the e-commerce and health/beauty retail industry, relying heavily on Amazon for sales. The company's closure highlights the challenges faced by online retailers in a shifting economic and financial environment.