Redbubble shares slammed amid plans to let go of one in five marketplace staff

 Shares in online creative marketplace Redbubble Group (ASX: RBL) have dived this morning in response to a trading update detailing a major cost cutting program and the letting go of one in five of the group’s marketplace employees.

Announced today, Redbubble will implement initiatives that are expected to reduce the company’s cost base by between $20 million and $25 million in an attempt to make the company cash flow positive by the end of 2023.

However, investors do not appear to be buying into RBL’s plans as shares dived by more than 10 per cent in early trade, piling on further woes for the company which has seen its share price deteriorate from $1.50 in mid-August 2022 to just 52 cents today.

Read More: https://www.businessnewsaustralia.com/articles/redbubble-shares-slammed-after-one-in-five-marketplace-staff-let-go.html



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