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Away, the high-flying travel brand, just furloughed half its employees and laid off 10%

Pretty much everyone is getting socked by the Covid-19 shutdown. Among the latest to say so in a public way is Away, the trendy, five-year-old, New York-based travel brand that has raised roughly $180 million from investors over the years, including a $100 million round last year that pegged the company’s valuation at $1.4 billion — nearly three times where it was valued a year earlier.
With travel down nearly 100 percent as the coronavirus makes its way across the U.S. and world, the company has seen sales of its product fall off a cliff, say company founders Steph Korey and Jen Rubio in a new Medium post. Specifically, they disclosed today, sales of their luggage, bags, and interior organizers have fallen by more than 90 percent over the past few weeks.
The company, which began as a direct-to-consumer brand, first took steps to reduce its burn rate by shuttering its now ten retail stores, while paying its retail teams “during what we hoped would be short-term closures.”
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