Stitch Fix shares sink after media report says it’s laying off 15% of salaried workers

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Stitch Fix Inc. SFIX, -7.48% shares sank 8.8% in Thursday afternoon trading after a CNBC report said the personalized shopping service is laying off 15% of its salaried workers, largely in corporate and styling leadership positions. About 330 people were notified on Thursday morning, about 4% of the company’s workforce, according to the report. The company reported a quarter-over-quarter client decline in its most recent earnings. Stitch Fix stock has lost nearly 88% of its value over the past year.

This article was originally published by Marketwatch.com. Read the original article here.

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