A number of retailers have been slimming down during the pandemic, in part to cut costs as many have fallen into a sales slump. Others are using the opportunity to simply right-size and shift resources online. Microsoft in late June announced plans to permanently close its 83 retail locations. Kate Spade and Coach owner Tapestry said this week it is planning a wave of closures. The off-price chainand said it is closing all of its roughly 280 locations.
In March, it laid off all of its retail staff during a Zoom call, saying it needed to “dramatically reassess” its business model, according to a Verge report. Rent the Runway declined to say how many jobs have been eliminated. Rent the Runway has also raised fresh financing during the coronavirus pandemic, a person familiar with the round said. The amount of the round could not immediately be determined. But the new funding was expected to value the start-up below its previous $1 billion valuation and so-called unicorn status, Bloomberg reported in May. Rent the Runway has raised roughly $380 million in equity to date.
“The vast majority of our subscribers didn’t cancel their accounts,” Salinas said. “They put them on hold or just kept items at home. ... That tells me there is optimism.”
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