Top Amazon seller Packable begins liquidating and announces job cuts after failed SPAC attempt - CNBC
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As of 2020, Amazon was by far Packable's largest channel, accounting for 80% of sales, according to an investor presentation.
Revenue slowed last year from double-digit growth in 2020 as the company struggled to navigate supply-chain constraints, which "resulted in significant inventory out of stock, purchase order delays, and delays in onboarding new customers," according to an investor presentation.
Packable said in a notice to employees Monday that it was laying off 138 people, or roughly 20% of its staff, with the remaining 372 employees expected to be terminated as "individual winddown responsibilities are completed.
Packable failed to secure new financing that would have enabled it to stay in business, the notice said.
In February, Packable said its average daily revenue in January increased to an estimated $1.
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