Risk Factors Update Summary
- Implemented a workforce reduction of approximately 7% and real estate presence reduction to reduce operating expenses.
- Experienced net losses of $236.1 million in 2021 and $196.4 million in 2022, with an accumulated deficit of $1,119 million as of December 31, 2023.
- Revenue for fiscal 2023 decreased compared to 2022, indicating a shift in revenue growth.
- Introduced third-party advertising on the online marketplace, which may negatively impact consignors and buyers.
- May face challenges in authenticating goods due to increased sophistication of counterfeiters and geopolitical instability.
- May not be able to secure leases on comparable terms in comparable locations for potential future retail locations.
- Changes in consumer shopping behavior or failure to capitalize on growth opportunities could reduce profit margins.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1573221&owner=exclude
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