StockX has announced that it is laying off a portion of its current workforce.

This was initially reported by Input yesterday, revealing that the sneaker and streetwear marketplace is firing 12 percent of its employees—over 100 individuals—working in product, quality assurance, engineering, and operations teams at its Arizona office and Detroit headquarters, in an effort to cut costs. According to the aforementioned report, those being laid off will have their jobs until the end of the April, be provided with healthcare until October, and also receive a severance package of around "one month, possibly more."

"As a global startup that has experienced hypergrowth, it is important to reflect and pivot to capitalize on future operations," the company told Sole Collector. "For StockX, this means a shift from a growth-focused mentality to one rooted in operational efficiency. As we continue to provide the highest level of service to the millions of global customers who rely on us, purposeful structure, unwavering determination, and hard choices are required. The current climate coupled with the need to optimize for future success led to the prudent but difficult decision to reduce our workforce by 12%. We are grateful for the contributions of these impacted team members and are working with them to find opportunities within and beyond the Rock Family of Companies. Effectively navigating today’s new normal requires investment in long-term sustainability to better serve our customers tomorrow and in the years ahead."

Earlier this month, the platform also revealed that buyers are now subject to an extra 3 percent processing fee that went into effect earlier this week.