Away, the high-flying travel brand, just furloughed half its employees and laid off 10%

Away, the high-flying travel brand, just furloughed half its employees and laid off 10%

4 years ago
Anonymous $9CO2RSACsf

https://techcrunch.com/2020/04/07/away-the-high-flying-travel-brand-startup-just-furloughed-half-its-employees-and-laid-off-10/

Pretty much everyone is getting socked by the Covid-19 shutdown. Among the latest to say so in a public way is Away, the trendy, five-year-old, New York-based travel brand that has raised roughly $180 million from investors over the years, including a $100 million round last year that pegged the company’s valuation at $1.4 billion — nearly three times where it was valued a year earlier.

With travel down nearly 100 percent as the coronavirus makes its way across the U.S. and world, the company has seen sales of its product fall off a cliff, say company founders Steph Korey and Jen Rubio in a new Medium post. Specifically, they disclosed today, sales of their luggage, bags, and interior organizers have fallen by more than 90 percent over the past few weeks.