Stitch Fix lays off 20% of workforce and its CEO steps down | CNN Business

The online personalized subscription clothing retailer also said it was closing some operations, including its Salt Lake City distribution center.”We will be losing many talented team members from across the company and I am truly sorry,” Stitch Fix (SFIX)founder and former CEO Katrina Lake wrote in a blog post.The company named Lake as its interim CEO after announcing Spaulding’s departure on Thursday. Spaulding joined the company in 2019 as president and became CEO in 2021.Shares of Stitch Fix rose 6% on the news.Lake said affected employees will receive health care coverage through April and at least 12 weeks of pay, which increases with tenure. “To those impacted: You

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