The current coronavirus pandemic will inevitably have a huge impact on all businesses, big or small. After GoPro, VSCO has also announced job cuts citing “overnight changes.” The company is forced to lay off 45 employees, which makes one-third of the staff.
Joel Flory, co-founder and CEO of VSCO, announced the company’s decision on LinkedIn. In an official, but also somewhat personal post, he explained the upcoming changes within the company and what caused them:
“2020 was staged to be a year where we would continue to forward invest into our business. Overnight our environment changed. We realized that we would need to shift towards running a self-sustaining business.”
As I mentioned, VSCO is saying goodbye to 45 staff members, or one-third of them. “Our focus right now is to support our team,” Flory writes. “We are providing a minimum of 7 weeks of severance pay and a minimum of 2 months of health coverage. We are pro-rating stock option vesting, extending equity exercise periods, and assisting them with job placement resources.”
As for launching new features, it remains a part of VSCO’s plan for 2020. However, it looks like they’ve been hit hard by the pandemic and had to restructure the company to make is self-sustaining. “Our mission and vision remain unchanged. Our ability to provide a place for creative expression, inspiration and connection is even more important than ever right now, concludes Flory.