EXPECTING POSSIBLY AROUND 30% OF THE WHOLE COMPANY OR 5000 EMPLOYEES. ALL SHALL BE REVEALED BY THIS COMING FRIDAY MORNING IN EUROPE WHEN THEY WILL START TO REMOVE ACCESS AND THEN MORNING START IN THE US. THIS IS NOT A DRILL.
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it happened! Anyone know what the severance will look like? Worked for the company for 5.5 years.
But don’t worry, the stock is already responding positively! /s
It's happened. Details are super unclear but lots of L4+ have been affected, though curiously not many L6+
SA&O gutted, erstwhile POps too, CM less so but certain STO L4+ are gone especially in Berlin
Why would sales and service be impacted if wayfair is hiring as of right now
L2 here… Sales, service and the CGF supply chain operations will be impacted for sure we haven’t been told a date yet tho. We had a cut over date for our workflows to move to another team…of 1/20. So it makes sense.
BEST OF LUCK to everyone and i hope you receive a decent package to give you time. 🖤
"I'M TAKING BACK MY PRECIOUS STOCK YOU WORTHLESS PROLETARIATS!"
- Niraj Shah (very likely)
My manager asked me to add her to any # channel I have. L5+ definitely know
UPDATE: I’m an L4 and they don’t tell us sh-t. Best of luck to all when the hammer falls tomorrow. At this point I almost hope I’m included, at least then I won’t have to try and hold my team together through the fallout and subsequent overload of work from all the people who left.
Final number is going to easily be over 2,000 employees cut and the stock is going to take off tomorrow as a result. Will be heavily weighted towards corporate roles and the RSU forfeit upside for W will be significant.
While all the Reddit fan boys have been waiting for the day GME or AMC or BBBY would short squeeze - Wayfair has been the prime candidate all along.
35% of the float short
90% off its all time high
- 5 days to cover
Per-share prices that reflect actual risk if it were to move north of 100%
Anyone not buying this stock or decent OTM options right now is an id--t. Look at the open interest and today's volume at 45, 50 and 60 strikes and you'll see smart money is already positioned for this move. (obligatory disclaimer: not financial advice)
The way this companies management handles its people is absolutely disgusting, they should be ashamed of themselves but I guess they can't be when they all L5's and above earn over $500k each! Its just a consultants cesspit, they destroyed the culture there for their own pathetic worth and then get promoted just because they used to work at.... whatever consultancy.
And from my experience the management bulls**t so much for their own gain that the company actually feels a lot like it is just built on lies and false promises over and over again. One particular manager has actually posted in this thread and you would not believe they even promoted such a 🐍. It will be their biggest downfall that they trusted these rip off merchants. I don't think this company will survive after 2025 they can't even handle cash flows properly and the whole eco system is a complete mess!
Let the pitch forks come out on that very day with fire and fury.
And its official, Wayfair laying off at least 1000 employees
Hey OP. I admire the all caps. Can you advise the impact to customer service and it's offshoot departments? CAT, CARE, etc?
do anyone know which departments are impacted?
I imagine they went ahead with reviews because there will be lots of employees who remain but whose manager is laid off (i.e. they need to make sure all managers get the reviews in before laying them off)
Why would they make us all write reviews that haven’t even been delivered yet if they’re gonna lay off 30% of us?
"NO JOBS WILL BE PART OF RIF IN INDIA." Welcome to cheap labor in INDIA, I won't ever by anything from this company
Estimation of 1,000 from WSJ is very conservative. Probably the largest number they felt they could go to print with based on background sources. Final number will be 2,500 (plus or minus 250).
Expected roles to be heavily weighted one the corporate side.
Wayfair prepares to cut more than 1,000 jobs - WSJ
01/19/2023 | 03:54pm EST
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Jan 19 (Reuters) - Online furniture retailer Wayfair Inc is preparing to lay off over 1,000 workers, or more than 5% of its workforce, the Wall Street Journal reported on Thursday, citing people familiar with the matter. (Reporting by Deborah Sophia in Bengaluru)
If they cut 30% the stock will hit $60 tomorrow.
Konrad Schade, Marmelade
Do we legitimately think this is happening? The company has been talking so much about the future and all the new tools and stuff I feel like it would be silly to lay off 30%.
This is becoming very confusing. Sounds like everyone is affected and no one is safe.
SupplySol = Supplier Solutions or Retail Solutions I think
I know they will have to keep people on the books at least 60 days like last time since that’s the way they get around the WARN Act requirements
Severance depends on tenure I believe. I read that last time people got 10 weeks + and other times only 2 weeks.
Does anyone know what the last layoffs severance package looked like, and if this times will match that?
I recently got laid off, best thing that ever happened to me. I don't miss this place at all. Best of luck to ya'll.
UPDATE: from an L5 in North American Operations.
Management is NOT safe from the RIF. New Managers, bye. Old managers with teams who are constantly on the quarterly roll up naughty list, bye.
"Too Many Chiefs, Not Enough Indians". Management reduction is one of the best ways to lower overhead cost so expect your managers to have larger teams after all this is done and fewer managers in org charts.
Do we know which department will be eliminated?
Sorry, all. Friends with an L6 here and don't know the details but the gist of OP's post is likely correct. 30% is slightly higher than what I recall being told but not by much. Don't know any more details. Best of luck to anyone who may be impacted.
Telent department should not be in the list.
Hey OP, any word on how the talent function will be impacted?
Hey OP. I admire the all caps. Can you advise the impact to customer service and it's offshoot departments? CAT, CARE, etc?
What is supplysol?
CM = Category Management
What is CM?
OP HERE, I WILL ADD CAPS AGAIN BECAUSE IT WILL GET YOUR ATTENTION. 30% IS OVERALL, THERE WILL BE AT LEAST 1 DEPARTMENT WHICH WILL BE ELIMINATED ACROSS EU AND US. NO JOBS WILL BE PART OF RIF IN INDIA. WAREHOUSING/CASTLEGATE/SUPPLY CHAIN/CM/SUPPLYOPS/SUPPLYSOL WILL BE TRIMMED. BASED ON TENURE/WEIGHT OF EARNINGS VS PRODUCTIVITY/ALGORITHM. I AM SORRY TO BE POSTING THIS. L5 BUT I CAN NOT TELL YOU WHICH DEPARTMENT AS IT WILL BECOME TO OBVIOUS.
There won't be any layoffs. It's all rumors.
Don’t believe things that are not factual . The European market is being hit hard with inflation and IKEA having such a big influence there it hurts . Some of the lay offs if they occur will help the company in the future. No matter where you work always be prepared for rainy days . We will survive together
An article recently said that 1 in 3 employers polled would be laying off 30% this year. Maybe thats where OP got the number?
https://www.npr.org/2023/01/03/1146169159/january-is-often-a-big-month-for-layoffs-heres-what-to-do-in-a-worst-case-scenar