Allbirds is continuing to make changes to its business as it seeks to return to profitability.
On Tuesday’s earnings call, Brown told analysts that he made this decision along with Zwillinger and Allbirds’ board in order to focus his efforts on the company’s strategic transformation plan.
Plus, in a separate 10-K filing with the SEC on Wednesday, Allbirds announced it reduced its global corporate workforce further by 9 percent and terminated 21 individuals this month. While no specific details were given on what roles were affected, Allbirds said in the filing that it expects the estimated expenses related to severance and other employee termination-related costs to be substantially recognized during the second quarter of 2023.
At the time of the first round of layoffs, Allbirds said it would also implement other cost-saving measures. These include reducing corporate office space to support a hybrid work model, transitioning to automated distribution centers, optimizing inventory, and scaling manufacturing to reduce costs and product carbon footprints.
, the San Francisco-based footwear company said net revenue decreased 13.4 percent to $54.4 million compared to the first quarter of 2022 but increased 9.5 percent compared to the first quarter of 2021. Allbirds posted a net loss of $35.2 million, or 23 cents per basic and diluted share.
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