R|T: The Retail Times – Rent the Runway decimates corporate workforce in new restructuring plan

Plus: How online shoppers fell back in love with the high street.

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CDPQ invests $136 million CAD into AppDirect financing program for tech advisors

Canadian-founded, San Francisco-based AppDirect has secured $136 million CAD ($100 million USD) from existing investor Caisse de dépôt et placement du Québec (CDPQ) to expand its AppDirect Capital program.

Via AppDirect Capital, the company provides recurring revenue channel partners with flexible capital to scale, innovate, hire, or make outside investments while retaining full ownership of their businesses. 


Rent the Runway to Cut About 10% of Corporate Jobs, Lose Operating Chief

Rent the Runway is putting in place another restructuring plan that includes cutting about 10% of its corporate roles.

The fashion subscription company on Tuesday said the turnaround plan comes with the resignation of Anushka Salinas as operating chief and president, effective Jan. 31.

The company has been dealing with a decline in paying subscribers for several quarters

(The Wall Street Journal)

Workforce micro-learning platform Spiffy acquired by Oliver Solutions

Toronto-based Spiffy, which provides a digital training platform for workplaces, has been acquired by regulated e-learning and compliance solutions firm Oliver Solutions.

Founded in 2016, Spiffy initially launched a micro-learning platform for restaurants looking to upskill employees on in-store products and brands. Through the platform, restaurants can create bite-sized product knowledge modules, and employees could learn in five to 10 minutes of learning per week.


How online shoppers fell back in love with the high street

UK-based online women’s fashion retailer Sosandar’s latest growth initiative is not a refreshed digital marketing campaign or the recruitment of new social media influencers, it’s shops.

The rationale is clear: despite a boom in internet shopping in what was already one of the world’s most developed online markets, most clothes are still sold in shops.

(Financial Times)

Alida appoints Efrem Ainsley CEO as software firm targets “long-term sustainability”

Alida, which offers customer feedback-gathering software, has kicked off the new year with a key leadership change, promoting Efrem Ainsley to the CEO role, effective immediately.

Over the coming year, Alida plans to keep focused on innovation and R&D as it looks to further expand into the user experience and product experience spaces.


Feds charge eBay over employees who sent live spiders and cockroaches to couple; company to pay $3M

Online retailer eBay will pay a $3 million fine to resolve criminal charges over a harassment campaign waged by employees who sent live spiders, cockroaches and other disturbing items to the home of a Massachusetts couple, according to court papers filed Thursday.

The Justice Department charged eBay with stalking, witness tampering, and obstruction of justice more than three years after the employees were prosecuted in the extensive scheme to intimidate David and Ina Steiner.

The couple produced an online newsletter called EcommerceBytes that upset eBay executives with its coverage.

(Associated Press)

Solon Angel explains which industries will be dominated first by AI

The influence of AI in our day-to-day activities is becoming more apparent. For Solon Angel, founder of MindBridge, we’re living in “a bit of an Internet moment.”

When it comes to industries with existing infrastructure, standards, and regulations, businesses can, as Angel puts it, “do a bit of judo.” This means using the weight of the opponent to your advantage, and focus on a very narrow entry point to improve existing processes. 


Fired Gildan CEO responds to board criticism in open letter

Gildan Activewear Inc.’s ousted CEO responded to criticism from the company’s board Tuesday, calling their actions a “premeditated” attack on his record that threatens to undermine the business itself.

Chamandy was dismissed by Gildan’s board of directors on Dec. 11. Soon after, several of the company’s biggest investors called for him to be reinstated. 

Chamandy, who had been the company’s chief executive for nearly 20 years, maintains he was fired without cause.

(BNN Bloomberg)

Danielle Gifford on expanding Canada’s investor funnel

Early-stage investing is fraught with steep risks and a long, uncertain path to returns, but those facts shouldn’t necessarily deter new entrants, according to Danielle Gifford, former executive director at Movement51.

“What people don’t realize is that early-stage investing is very much a viable asset class,” Gifford said in a sit-down interview with BetaKit at SAAS NORTH 2023.


Indigo lays off staff as part of strategic plan, does not specify number of cuts

Indigo spokeswoman Melissa Perri says in an email to The Canadian Press that the cuts stem from the company’s strategic plan meant to return the business to profitability.

Last year, the company also grappled with a February cyberattack that took down Indigo’s website and saw four of its 10 directors leave its board, with one attributing her resignation to mistreatment.

(Yahoo Finance)

Alex Riehl

Alex Riehl

Alex Riehl is a staff writer and newsletter curator at BetaKit with a Bachelor of Journalism from Carleton University. He's interested in tech, gaming, and sports. You can find out more about him at alexriehl.com or @RiehlAlex99 on Twitter.

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