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As the economy continues to struggle, the downturn has hit the sneaker market too.

Sneaker reselling giant StockX has been forced to lay off eight percent of its staff.

NickKicks founder Matt Halfhill revealed the news on Twitter, saying it wasn’t for one specific department.

“Received word from several people that today numerous people lost their jobs today at StockX due to layoffs across multiple departments,” Halfhill wrote.



Sources reveal that the departments affected by the layoffs include editorial, marketing, customer service, operations, and engineering. Given the devastating news, StockX released a statement citing that the current state of business requires the layoffs and how hard the decision was.

“As a growing global brand, it is important to adapt and pivot to deliver the highest level of service to the millions of customers we serve around the world. 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,” the statement reads. “As a result, we made the difficult but prudent decision to reduce our workforce. Parting with team members is never easy, particularly when those team members are people who are passionate about their work and committed to delivering on our brand promise each and every day. However, effectively navigating today’s reality requires investment in long-term sustainability. We are grateful for the contributions of those impacted and are working to ensure they are supported in this time of transition.”

This marks the reseller’s second major job loss since the onset of COVID-19, with the first being in April 2020, when 12 percent of its staff was let go. It amounted to about 150 people being laid off whose severance package included several months of healthcare as the company tried to find them jobs in Dan Gilbert’s other owned companies like Quicken Loans and the Cleveland Cavaliers.