Naked Wines has laid off approximately 6 percent of its workforce.

This occurred after a failed growth strategy necessitated a restructuring.

The online wine retailer has also announced a business restructuring.

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This is in an effort to cut costs after admitting to “making mistakes” while pursuing “rapid growth.”

Chairman Darryl Rawlings has resigned with immediate effect.

He will also step down as a board member at the end of the month, with David Stead taking over as chairman immediately.

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Some business teams have been restructured in order to “create a leaner and more focused organisation.”

The retailer also stated that it would reduce marketing spending because it was “not delivering satisfactory returns.”

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Low consumer confidence and high levels of supply chain inflation had combined to produce a disappointing performance.

This has been true in recent months for the London-listed firm, which has seen sales skyrocket during the pandemic.

Source: Retail Gazette

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