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Wayfair announced Friday that it will cut about 13% of its global workforce, affecting approximately 1,650 employees.
The e-commerce home goods retailer said it expects the restructuring plan, which began in August 2022, to save more than $280 million. At the end of 2022, the company employed 17,505 workers, according to the agency's March 2023 statement.
“The changes announced today reflect a return to our core principles around resource allocation, such as alignment on spacing and tiering as well as focusing on our highest priorities,” Neeraj Shah, Wayfair CEO, said in a statement.
The layoffs come a month after Shah, in an email, asked employees to work harder, saying: “There is not a long history of rewarding laziness with success.”
Macy's intends to eliminate 2,350 jobs and close 5 stores
The retailer's shares rose more than 15% in pre-market trading.
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| W | Wayfair Company | 55.48 | +4.57 | +8.97% |
HASBRO cuts 1,100 jobs as toy sales slow
Wayfair said in January 2023 that it would cut 10% of its workforce, or about 1,750 jobs.
Other retailers, including Macy's, Hasbro and Etsy, recently announced plans to cut their workforces. Macy's said Thursday it would cut 2,350 jobs and close five stores. Hasbro said in December it would cut 1,100 jobs after facing consecutive toy sales declines. Also in December, Etsy said it would cut 225 jobs, or 11% of its workforce, citing the economic challenge.
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| M | Macy's company | 17.93 | +0.07 | +0.39% |
| he have | Hasbro company | 47.66 | +0.42 | +0.89% |
| Etsy | Etsy company | 69.89 | +0.67 | +0.97% |
ETSY will lay off 11% of its workforce, with inventory declining
Wayfair expects to incur costs of between $70 million and $80 million related to employee compensation and benefits costs.
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The company is scheduled to announce its quarterly results in February.
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