Wayfair cutting about 870 jobs, or 5% of global workforce

By AP News

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Wayfair is cutting about 870 employees, or 5% of its global workforce, as part of a plan previously announced by the home goods company to manage operating costs and realign its investment priorities after the pandemic.

Wayfair is cutting about 870 employees, or 5% of its global workforce, as part of a plan previously announced by the home goods company to manage operating costs and realign its investment priorities after the pandemic.

With millions sheltering at home in 2020, the Boston company reported 55% sales growth as families spent heavily to furnish living rooms and other parts of the house. Last year, as more people ventured out, sales at Wayfair declined 3.1%.

Wayfair Inc. expects costs related to the job cuts to run between $30 million and $40 million in the third quarter, mostly related to employee severance and benefits.

The company said that it's also in the process of making substantial cuts to third party labor costs as well.

Shares tumbled 13% in Friday morning trading.

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Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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