Resale exchange platform StockX confirmed Wednesday that it has laid off eight percent of its workforce, citing the impact of “macroeconomic challenges” on its web-based shoe resale business.

According to The Detroit News, layoffs could be as high as 150 employees. Sole Retriever first reported the elimination of jobs at the company.

StockX said in a statement to the media, “As a growing global brand, it is important to adapt and pivot to deliver the highest level of service to the millions of customers we serve around the world. The macroeconomic challenges currently impacting our global economy continue to affect consumer behavior and hit businesses of all shapes and sizes. StockX is not immune to these challenges, and while our business continues to grow, the current climate calls for us to make adjustments. As a result, we made the difficult but prudent decision to reduce our workforce. Parting with team members is never easy, particularly when those team members are people who are passionate about their work and committed to delivering on our brand promise each and every day. However, effectively navigating today’s reality requires investment in long-term sustainability. We are grateful for the contributions of those impacted and are working to ensure they are supported in this time of transition.”