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Layoffs hit Michigan sneaker resale giant StockX. Is that a bad sign for the economy?

DETROIT – StockX is cutting staff as economic slowdowns begin to hit tech companies.

The multibillion-dollar Detroit-based sneaker and streetwear online marketplace confirmed this week 8% of its total workforce was laid off. StockX did not say how many people were impacted, but the company website says there are more than 1,500 employees, which means an estimated 120 people lost their jobs.

“The macroeconomic challenges currently impacting our global economy continue to affect consumer behavior, and hit businesses of all shapes and sizes. StockX is not immune to these challenges, and while our business continues to grow, the current climate calls for us to make adjustments. As a result, we made the difficult but prudent decision to reduce our workforce.” a statement said.

Related: Fake sneakers and NFTs: Nike alleges Michigan marketplace sold counterfeit shoes

StockX said affected staff received severance packages and temporary…

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