LOGAN, Utah – In a move designed to better help it compete in the industry’s current market and help level the playing field, Malouf Home has cut the workforce at its corporate headquarters, named a new president and streamlined its sales team.
The change includes moving Eric Holmstead from his position of president to lead Malouf’s merchandising and global sourcing initiatives. Mark Thatcher, formerly vice president of sales for Malouf Cos. and former director of business development for Maven, succeeds Holmstead as president.
In a memo to the Malouf team regarding the changes, Sam Malouf, chief executive officer of Malouf, said the “playing field is no longer level or fair with the rise of platforms like TEMU and SHEIN, which are decimating American companies. We needed to make changes to thrive in today’s market. By increasing clarity and focus, we expect to improve market share and drive long-term success. These plans are underway, but for now I want to focus on our friends and employees impacted by this change.”
Malouf Home declined to share the number of people impacted by the layoffs citing “privacy” issues. The company said it has also restructured its sales team classifying retail accounts by size instead of region. This marks the second round of layoffs at the company in the last 16 months.
“We believe our partnerships with brick-and-mortar businesses are our best path for stability and continued growth,” Holmstead said. “We are returning to our roots with a laser focus on innovative products, high in-stock levels, quick shipping and mutually beneficial partnerships.”
As part of the new leadership structure, Jesse Gibbs, vice president of national sales, will lead business development and sales representative management. As part of his new responsibilities, Gibbs will develop additional tools and resources for outside sales representatives to better serve retailers and create strategy for trade shows.
“We needed to rethink the types of support we were offering our partners, so we can help maximize their business and offer them the right resources,” Thatcher said. “This new sales structure will create better partnerships with a higher impact for our retailers’ bottom line.”
Thatcher joined Malouf in 2022 as vice president of sales. Prior to that position, he was director of business development for Maven, a position he held for more than two years. He joined the group form ICON Health and Fitness, where he was director of online marketing, a position he held for more than 16 years.
“I believe we’re going to look back on this as a key moment for the company,” Sam Malouf said. “We are returning to our entrepreneurial core, leveraging market shifts and focusing on our retail partners and customers. There’s a bright future ahead.”