Mattress Unicorn Casper Held a Small Round of Layoffs This Week

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(Bloomberg) -- Online mattress retailer Casper Sleep Inc. made a round of staff cuts this week, according to people with knowledge of the matter.

The New York-based company, led by Chief Executive Officer Philip Krim, dismissed around 30 employees as part of a reorganization associated with its evolution into a so-called multi-channel business, said one of the people, who requested anonymity because the matter is private. A representative for the company declined to comment.

The cuts come as Casper -- which was valued at $1.1 billion in its most recent private funding round -- prepares for a U.S. initial public offering that could occur as soon as this year or the first half of 2020, Bloomberg News reported in October.

Casper’s investors include Target Corp., New Enterprise Associates and Dani Reiss, the chief executive officer of Canada Goose Holdings Inc. Its multi-channel approach, which includes sales online, in branded stores and with retail partners, “meets consumers wherever they are,” Emilie Arel, Casper’s president and chief commercial officer, said in a statement earlier this month. The company sells sleep products including mattresses, furniture, bedding and glow lights.

©2019 Bloomberg L.P.

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