In a recent 8K filing with the Securities and Exchange Commission, Beyond, Inc., formerly known as Overstock.com (NYSE:BYON), disclosed a significant workforce reduction and the departure of a key executive. The company, headquartered in Midvale, Utah, and incorporated in Delaware, is known for its retail-catalog and mail-order operations.
On Monday, Beyond's board of directors approved a reduction in force (RIF) that will affect approximately 20% of its employees. This decision is part of a strategic move to create a more variable cost structure and streamline the organization to better align with its asset-light business model, which emphasizes data monetization and technology.
As part of the restructuring, Carlisha Robinson, the former Chief Product Officer, was terminated without cause effective today. Robinson will receive severance benefits in accordance with the company’s Key Employee Severance Plan, which was detailed in a prior 8-K report filed on March 24, 2023.
The RIF is expected to be substantially implemented in the fourth quarter of 2024 and is estimated to result in an annualized reduction of fixed costs by approximately $20 million. Beyond's management has indicated that these changes are intended to enhance the company's financial position and operational efficiency.
The filing also contained forward-looking statements cautioning that actual results could vary based on various risks and uncertainties. These statements were qualified with references to the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.
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