According to several media reports, the sneaker marketplace StockX announced this week that it will lay off 8 percent of its workforce. The Detroit-based company employs more than 1,500 people, so the number of layoffs is likely to be 120 or more. StockX cited “macroeconomic challenges currently impacting our global economy continue to affect consumer behavior” as the reason, as well as the need to “adapt and pivot to deliver the highest level of service to the millions of customers we serve around the world.” The company’s business surged with the outbreak of the Covid pandemic in 2020. In May and June of that year, it reported the highest sales in company history. However, inflation is showing signs of affecting consumer spending. Those affected by the layoffs will receive severance packages and health benefits for an unspecified period, The Detroit News reported. Despite this latest development, the company remains on track for growth but says it is forced to make adjustments to meet the challenges.

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