rent the runway shares plummeted in premarket trading tuesday after the online clothes rental company announced it was cutting nearly a quarter of its workforce following a decline in subscribers and a reduction to guidance rent the runway ticker rent  or rtr said it was implementing a sweeping restructuring plan to reduce costs primarily driven by cutting 24 of corporate employees the job reduction is primarily a reduction in force the company said with some reduced backfills and closing open roles the plan is expected to save the company between 25 million to 27 million in fiscal 2023