Wayfair is cutting 13% of its global workforce as the digital home goods retailer continues its efforts to trim down its structure, cut out layers of management and reduce costs after going “overboard” with corporate hiring during the Covid pandemic, 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, Wayfair said.
The restructuring – the third Wayfair has implemented since summer 2022 – is expected to save the company about $280 million, it said.
Shares of Wayfair surged 15% in premarket trading after the news was announced.
https://www.cnbc.com/2024/01/19/wayfair-layoffs-home-goods-retailer-to-cut-1650-employees.html