The senior product executive at Beyond Inc. was fired seven months after being promoted, as the company intends to lay off 20% of its employees.
According to an SEC filing, Beyond Inc. announced the unjustified termination of Carlisha Robinson, its former chief product officer, on October 22. In 2022, she began working for the company when it was known as Overstock.com. The Bed Bath & Beyond, Overstock.com, and Zulily retail businesses are currently owned by Beyond Inc.
The fourth quarter is anticipated to see a significant reduction in the company’s overall personnel. According to Beyond Inc., the layoffs will reduce annually fixed costs by about $20 million.
According to Beyond Inc.’s filing, “these actions were taken to strategically create a more variable, leverageable cost structure and create a more streamlined organization for alignment with its asset-light business that supports an affinity and data monetization model with a strong technology focus.”
The layoffs follow recent investments in home solutions retailer The Container Store and home décor store Kirklands. The $25 million and $40 million financial collaborations, respectively, will enable Bed Bath & Beyond to reenter the physical retail market. Additionally, the agreements will bring in license income for Beyond Inc.
Prior to the opening of the market on October 24, the company is expected to issue its Q3 financial report. Additionally, it will present its strategic vision live-streaming the Beyond Inc. 2024 Investor Event on October 24 at 11 a.m. ET.
