Wayfair shares surge after home goods retailer announces 1,650 job cuts, 13% of workforce
Publishing timestamp: 2024-01-19 08:58:08
Summary
Wayfair is laying off 13% of its global workforce, including 19% of its corporate team, in an effort to streamline its business and cut costs. This is the third restructuring the company has implemented since summer 2022 and is expected to save the company about $280 million. The layoffs come after other retailers, such as Hasbro, Etsy, and Macy's, announced similar cuts to their workforces. Wayfair saw a surge in business during the pandemic but has needed to make cuts to align its staffing levels with the current demand. The company plans to focus on lower-ranking jobs and positions that execute actions, rather than leadership roles.
Sentiment: MIXED
Keywords: macy's inc, business news, earnings, wayfair inc, retail industry, etsy inc, layoffs, business, hasbro inc, breaking news: business, personnel,
Source: https://www.cnbc.com/2024/01/19/wayfair-layoffs-home-goods-retailer-to-cut-1650-employees.html