Share this @internewscast.com

Wayfair is cutting 13% of its global workforce as the digital home goods retailer looks to trim down its structure, cut out layers of management and reduce costs, it announced Friday. 

The company plans to lay off around 1,650 employees, including 19% of its corporate team, with a focus on people in management and leadership positions, the company said. 

The restructuring — the third Wayfair has implemented since summer 2022 — is expected to save the company about $280 million, it said. 

“The changes announced today reflect a return to our core principles on resource allocation,” Wayfair’s CEO and cofounder Niraj Shah said in a statement. “Although persistent category weakness makes revenue growth challenging, we remain encouraged by the share gains we continue to see.” 

The layoffs come after Hasbro, Etsy and Macy’s all announced cuts to their workforces as retailers contend with slowing demand and an uncertain economy. At the height of the holiday shopping season in mid-December, Hasbro and Etsy announced staff reductions of 1,100 and 225 workers, respectively, and on Thursday, Macy’s said it plans to cut more than 2,300 employees, or 3.5% of its workforce. The department store retailer also has plans to close five stores. 

Wayfair said the cuts were not related to fourth-quarter performance but were rather a proactive move to get the company back to its core structure.

During the pandemic, Wayfair saw its business explode as stuck-at-home consumers used stimulus dollars and savings to splurge on home goods like furniture and decor, leading Wayfair to significantly increase its headcount.

However, as the virus’s impact began to wane, the home goods sector overall started to see a pull back in demand. As a result, Wayfair has needed to make cuts to ensure its staffing levels are proportionate to how much business it’s doing. 

Share this @internewscast.com
You May Also Like
A woman holding a baby on her lap.

Mother Whose Baby Was Ejected from Car After Beach Drinking Incident Avoids Jail Time

A MUM has avoided jail after her baby boy was thrown from…
Building engulfed in flames.

Putin Declines Zelensky Meeting While Six Die in New Ukrainian Residential Bombings

VLADIMIR Putin has again refused to meet with Volodymyr Zelensky as he…
Alabama inmate's execution stayed to determine if he is competent enough to be put to death

Execution of Alabama inmate postponed to assess mental competency for capital punishment

An Alabama judge has postponed the upcoming execution of a convicted killer…
Southwest Airlines flight headed to Las Vegas takes dramatic plunge in response to nearby aircraft

Southwest Airlines’ Vegas-bound flight abruptly descends due to nearby plane

A Southwest Airlines aircraft en route to Las Vegas from Southern California…
Chuck E. Cheese employee arrested in iconic mouse mask for using stolen credit card, police say

Police Report: Chuck E. Cheese Worker Detained Wearing Famous Mouse Mask for Credit Card Fraud

An employee of Chuck E. Cheese, wearing the famous mouse costume, was…
Sir Keir Starmer at the Liaison Committee.

Keir Starmer Announces UK’s Plan to Deliver Aid and Evacuate Children in Gaza Amidst PM’s Refusal to Recognize Palestinian State

PRIME Minister Sir Keir Starmer has announced plans to airdrop aid into…
USPS holding 'Stamp Encore' vote to bring back favorite stamp

USPS Launches ‘Stamp Encore’ Poll to Revive Beloved Stamps

Voters can pick from 25 options through Sept. 30. The winner will…
News agency says its Gaza journalists suffering health woes as union warns they will die without intervention

Gaza Journalists Face Health Crisis; Union Calls for Urgent Intervention to Prevent Loss of Life

The Agence France-Presse news agency reports that its freelance journalists in Gaza…
Muslim leaders increase security after vandalism reports at Texas and California mosques

Muslim Communities Boost Security Following Vandalism Incidents at Texas and California Mosques

Following several reports of vandalism involving graffiti at mosques in Texas and…
Person hit by train.

Heroic Rescue: Brave Individual Saves Collapsed Man from Oncoming Train with Split-Second Timing

THIS is the heart-stopping moment a hero runs in front of a…
Ukraine sees sweeping protests over bill weakening anti-corruption agencies

Ukraine Faces Widespread Protests Against Bill That Undermines Anti-Corruption Efforts

Ukrainians are taking to the streets after the passage of a controversial…
Albertsons supermarket sign.

Urgent Warning Issued to Albertsons Shoppers: Hazardous Item Discovered in Lunch Products Across Four States

ALBERTSONS shoppers across four states have been issued an urgent recall warning.…