Today at Storable, we reduced the size of our corporate workforce by approximately 6%.
This difficult decision was made in response to several negative macroeconomic trends impacting the self-storage industry, such as decreased consumer demand, occupancy, and pricing. Since our products are tied to the industry at large, we need to be prudent about expectations for next year compared to the recent past as we believe the environment will be significantly different.
As we look toward 2023 and beyond, we must adjust our cost structure accordingly. Therefore, we prioritized keeping our investments in product innovation, support and services intact so that we can continue delivering for the hundreds of thousands of employees and millions of consumers who rely on us in the storage and marina ecosystems each day.
We expect minimal disruption to our clients as the impacted roles at Storable are primarily in marketing and recruiting.
The Storriors who left the business today helped us to define our brand identity, recruit top talent, and contributed to our goals across the business. We would not be where we are today without their smarts, efforts and commitment.
Both storage and marinas are fundamentally strong businesses that we are lucky to serve. We look forward to navigating the times ahead together and delivering on our mission to empower our customers to Do More than they ever thought possible.
Thank you,
Chuck Gordon
Storable CEO
