All articles tagged with #outdoor retail
Many outdoor and sporting goods retailers, including REI, are closing multiple stores due to market slowdown, economic challenges, and changing consumer habits, with notable closures in flagship locations and a decline in overall outdoor retail sales.
REI is laying off 357 employees, primarily at its headquarters, as it anticipates a difficult year ahead in the outdoor specialty retail industry. The company's CEO, Eric Artz, stated that the layoffs are a response to major declines in the industry and the expectation of continued challenging conditions in 2024. The layoffs will also involve a reduction in the size of the senior leadership team by 22%. REI is adjusting its plans and cost structure to align with the anticipated decrease in revenue for 2024, and the company is focused on returning to profitability for long-term success.