Powell’s Books has laid off 31 employees. The employees worked in four different locations at Portland, Oregon-based bookseller.
According to Portland Mercury Blogtown, no managers were targeted for layoffs. The company will institute a pay freeze in July and stop making 401(k)s contributions on February 21st. Both of these conditions will be in effect for a minimum of one year.
Powell’s Books president Emily Powell had this statement, in the release: “I feel it is critical to make some very difficult adjustments at this time, to address our current reality and to prepare the company for success in the future, a future that looks very different than our business today.”