NEW: $1 billion Rent the Runway has furloughed 35% of its employees. Its path back to success isn't so simple.

Clothing rental company Rent the Runway has furloughed roughly 35% of its corporate employees and cut overall headcount as a result of the fallout from the coronavirus, the company confirmed to Business Insider.

$1 billion unicorn Rent the Runway has furloughed 35% of its employees as the coronavirus ravages retail. Its path back to success isn't so simple. Clothing rental company Rent the Runway has furloughed roughly 35% of its corporate employees and cut overall headcount as a result of the fallout from the coronavirus, the company confirmed to Business Insider. A slew of startups, from Bird to luggage-maker Away, have been grappling with the effects of the pandemic. As a flag-bearer for the new breed of direct-to-consumer brands, Rent the Runway's ability to withstand the crisis could serve as an important test case for startups facing the biggest business threat in a generation. Read now on BI Prime → Email sent to: [email protected] | Unsubscribe Terms of Service | Privacy Policy © 2020 Insider Inc. 1 Liberty Plaza, New York, NY 10006