52. Stitch Fix

How Many Stores Closing: 2,620 Stylist Positions Axed 

Current Value of the Business: $390 million*

By March 31, Stitch Fix announced it would terminate full-time styling positions, impacting around 2,620 stylists. Only 25% are full-time, and ten styling leader positions were cut, offering severance, healthcare, and career support to those affected.

Stitch Fix is undertaking a significant restructuring to modify its employment and organizational frameworks, as highlighted in its recent strategic overhaul, per insights from Modern Retail and the company’s last annual report dated July 29, 2023.