Walmart’s Bonobos Lays Off Dozens Amid Push to Mitigate E-Commerce Losses
Walmart’s e-commerce business is expected to lose about $1 billion this year. Tensions within the executive team are resulting in changes to the original online strategy. While Walmart continues to invest in big initiatives such as grocery delivery, it is taking steps to mitigate losses. Layoffs at Bonobos, an online menswear brand acquired by Walmart in 2017, may be one of those steps. Selling ModCloth was another.
“Today we made the difficult decision to part ways with valued members of the Bonobos team,” the spokesperson said in a statement. “These decisions are not taken lightly, but we believe they are necessary to set the brand and business up for long-term success.”