A direct-to-consumer vitamin and supplement company based in Lower Manhattan is planning to cut the bulk of its workforce this summer as its parent company Bayer overhauls its business.
Care/of will lay off 143 workers from its location in Sunset Park by early July, according to a state filing published on Wednesday. The startup, once exclusively an e-commerce brand, sells personalized packets of vitamins and supplements online and in large retail stores like Target.
The company cited funding losses for the employee terminations. Representatives from Care/of did not respond to multiple requests for comment made by Crain’s on Thursday.
The planned cuts come as the vitamin retailer’s parent organization, German pharmaceutical company Bayer AG, announced an overhaul and staff reductions due to financial strains. The company said that the restructuring plans would result in “significant” cuts starting this year and through 2025, but it did not disclose how many workers would be laid off.
Bayer acquired Care/of for $157 million in February 2021, according to PitchBook. The company began expanding its reach to wholesale locations just weeks later, launching a line of vitamins and supplements in Target that March. Care/of also launched a partnership with Sam’s Club last year.
Care/of was founded in 2016 by Craig Elbert, CEO, and Akash Shah, chief product and technology officer.
Amanda D'Ambrosio , 2024-04-05 11:33:03
Source link
