Denver-based unicorn Guild has announced a round of layoffs, affecting 172 positions, which accounts for 12 percent of its workforce.
The CEO and co-founder, Rachel Romer, said the cuts are part of the company’s broader organization around its three-year strategy and ten-year goals.
The decision follows Guild’s move to sublease two of its four floors of office space at its downtown Republic Plaza headquarters.
Romer emphasized the painful nature of the decision but deemed it necessary for the sustainability and scalability of Guild’s mission and model.
Guild, previously known as Guild Education before undergoing a rebranding last month, was founded in 2015 by Rachel Romer, Brittany Stich, and Chris Romer.
In February, the leadership team underwent a reorganization to position the company for long-term success and financial independence, aligning with the goals driving the layoffs.
The restructuring aims to create a more focused and seamless way of working.
It is by identifying the necessary roles and skill sets for the company’s strategy.
As a result, certain positions were eliminated.
Impacted employees will receive 12 weeks of severance pay, along with an additional week of pay for each full year they worked at the firm.
They will also have access to medical, dental, and vision coverage through COBRA for up to 18 months, with Guild covering premiums for the initial six months.
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Additional benefits include a two-year extension to exercise equity, continued access to its upskilling programs, and the Beehive subsidized childcare program.
Guild gained prominence as an upskilling leader, offering educational tools for workers seeking career advancement within their companies.
The tech company secured substantial investments, achieving unicorn status in 2019 and attracting notable funding, including a $175 million Series F financing round in June 2020.
However, it now joins the ranks of tech companies, including Meta, that have recently undergone layoffs.