Rent the Runway, Inc. (RENT): restructuring charge — Rent the Runway to cut 10% of corporate staff, COO/President Salinas resigns

On the same date, Jennifer Hyman, the Company’s Chief Executive Officer, was appointed as the Company’s President and designated as the Company’s principal operating officer, effective on the Transition Date.

On January 8, 2024, Anushka Salinas resigned as the Company’s Chief Operating Officer and President, effective January 31, 2024

On January 8, 2024, the Board of Directors of Rent the Runway, Inc. (the “Company”) approved a plan designed to focus its workforce and cost structure on key growth opportunities and support its profitability goals, consistent with the Company’s anticipated budget for fiscal year 2024 (the “Restructuring Plan”). The initiative includes a reduction in workforce that will involve approximately 10% of its corporate employees. The Restructuring Plan is expected to be substantially completed by the end of the fourth quarter of fiscal 2023 and fully completed by the end of the second quarter of fiscal 2024. The Company expects to incur charges of approxim ately $3 million to $4 million for the Restructuring Plan, substantially all of which is expected to be incurred in the fourth quarter of fiscal year 2023.