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ClassPass lays off, furloughs 53% of workers amid coronavirus

Yahoo Finance has learned that American fitness service ClassPass is laying off or furloughing roughly half of its workforce amid the devastating economic effects related to the coronavirus pandemic.

Video Transcript

MYLES UDLAND: Let's go over to Jen Rogers right now with a little bit of breaking news out of the start up fitness world, Jen.

JEN ROGERS: M Yeah, Myles. This story comes from Olivia Cross. She has a scoop for us here at Yahoo Finance. ClassPass, which really is at the nexus of this boutique fitness craze, but also, the tech startup area. And they are furloughing 53% of their employees amid coronavirus.

Employees there that were impacted got an email. As we speak, you're being removed from all slack channels, your computer is being wiped, your Gmail account is being deactivated. And ClassPass confirmed to Olivia Cross that 22% of their team has been laid off, 31% has been furloughed. And these headlines keep coming.

And what I think is important about them-- and we need to realize. We've got those claims today. We're going to have a number tomorrow. --is that these are people that were at a hot startup, right? You thought you were insulated from whatever was going to happen in the economy and how quickly this can happen.

Literally, you get an email, and you're removed from slack channels. And you're kind of-- you're done. And I think we need to take that into account when we look at the velocity of the changes that are happening in the labor market.

MYLES UDLAND: Yeah, I mean, everything went from bull market to recession very, very quickly. Certainly among the last company, we'll hear something similar from in the months ahead.

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