The latest round of downsizing comes amid the luxury retailer’s bankruptcy and leaves it to focus resources “toward critical capabilities that will drive profitable, sustainable growth,” a spokesperson said Thursday.
The e-commerce giant declined to say how much this latest round of downsizing would impact its retail operations.
The luxury retail conglomerate said it would be profitable in three years and that, starting next fiscal year, revenue growth would average 7% annually.
An ad hoc group of senior secured bondholders has approved the luxury retailer’s five-year plan, aiming for double-digit adjusted EBITDA margin and profitable growth.
The office supply retailer promoted Chris Powers to the C-suite position as it aims to drive sustainable growth.
The department store conglomerate says it’s “exploring all potential paths” toward stability but insists the luxury market is strong.
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