Casper, the DTC mattress brand, has announced the departure of their CFO and COO, Greg Macfarlane, in a press release. He will be relieving himself of the position on 15 May and is said to be pursuing interests outside the sleep industry.
The retailer had to close all its stores temporarily, which has resulted in heavy losses and therefore is working to minimise costs.
After furloughing most of their employees earlier this month, the retailer has now taken the tough decision to lay off 78 employees or almost 21 per cent of their global employee base.
In addition, reports claim that Casper will be winding down its Europe business too.
These necessary steps will help the company with an approximate US $ 10 million in annualised savings. However, the company is giving the fired employees severance and extended medical coverage along with new job placement support.
Speaking on the need to preserve long-term flexibility and liquidity in order to remain viable in the market, CEO Philip Krim said, “These actions enable us to focus on the strength of our North American business during this uncertain time and remain committed to our customers.”
