SEATTLE — Citing the need to get REI Co-op "back to profitability as quickly as possible," President and CEO Eric Artz announced 167 people will be laid off.
The layoffs impact approximately 8% of REI's headquarter staff and less than 1% of the Co-op's total workforce, according to a message to employees dated Jan. 31.
"We have clear goals for the future of the co-op and are confident in our long-term strategies," Artz' message reads. "But in the face of increasing uncertainty, we need to sharpen our focus on the most critical investments and areas of work to best serve our members and grow the Co-op over the long term. We will need to make hard choices, and that will be the work ahead for all of us."
Eligible full-time employees will be offered a severance package. Additionally, those impacted will have access to four months of health care, be paid for remaining vacation time and 2022 bonuses and be provided outplacement support, according to the message from Artz.
"The Co-op Way reminds us that we go further, together," the message reads. "But in the moments when we fall short of our goals, I own the very tough decisions about how we move forward."
Artz plans to go into the Co-op's plan and goals for the year more soon.
In 2020, REI announced it would "lean into remote working" for employees as it looked to sell its newly completed corporate campus in Bellevue's Spring District. The Co-op cited the COVID-19 pandemic that challenged the company to "reexamine and rethinking every aspect of our business."
Facebook purchased the campus for the purchase price of $390 million.