Struggling online retailer Wayfair on Friday said it will slash around 1,650 employees — or 13% of its global workforce of roughly 14,000 — just weeks after its billionaire CEO caused a stir by saying workers should log longer hours.Niraj Shah, the boss of the Boston-based furniture-selling e-commerce site, said the company needed to cut costs — its third round of layoffs since summer of 2022 –after going “overboard” on hiring during the pandemic.The layoffs come after Shah sent out a year-end note to staf ...

The shares of Wayfair Inc (NYSE:W) are surging today, after the furniture retailer announced it was cutting 13% of its workforce, or 1,650 employees, in its latest restructuring plan. The company expects annual cost savings of over $280 million from the move, which is the latest in a string of cost-saving initiatives since August 2022. At last glance, W was up 11.3% at $56.66. The jump hasn't completely erased its 2024 deficit of 8.3%, though it does have the stock jumping above the 10-day moving average, w ...

Wayfair is laying off 1,650 employees as part of its efforts around “right-sizing its cost structure.”The cuts amount to about 13% of its global workforce and 19% of its corporate team, the furniture and home goods eCommerce company said in a Friday (Jan. 19) press release.“I think the reality is that we went overboard in hiring during a strong economic period and veered away from our core principles, and while we have come quite far back to them, we are not quite there,” Niraj Shah, CEO and co-founder of W ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Wayfair (NYSE:W) layoffs are a hot topic on Friday as the e-commerce company announces major cuts to its workforce to streamline operations.That has the company cutting 1,650 employees or 13% of its total global workforce. These Wayfair layoffs will also result in 13% of its corporate workers no longer having jobs with the furniture e-commerce business.Wayfair is expecting the layoffs to result in $70 million to $80 million in costs connected to severance a benefits. These charges will mostly be contained t ...

Wayfair is cutting about 13% of its global workforce, affecting approximately 1,650 employees, the company announced on Friday. The e-commerce home goods retailer said it expects the restructuring plan, which started in August 2022, to save more than $280 million. At the end of 2022, the company employed 17,505 workers, according to a March 2023 proxy statement."The changes announced today reflect a return to our core principles on resource allocation, such as getting fit on spans and layers as well as focu ...

Wayfair, the online home furnishings retailer, said it would be cutting 1,650 jobs, acknowledging that it “went overboard in hiring during a strong economic period.” ...

Core Points - Wayfair is laying off 13% of its global workforce, approximately 1,650 employees, as part of a restructuring effort to create a "clean organizational model" for long-term growth [1][2][4] - The layoffs follow a recent communication from the CEO indicating that the company was "back to winning," yet cautioning employees to manage finances carefully [2][5] - Affected employees will receive severance pay and support during the transition, including access to employee assistance programs and networking resources [6][4] Company Strategy - The CEO emphasized the need for a leaner organization to enhance efficiency and focus on high-value activities, citing past over-hiring during periods of rapid growth as a contributing factor to current inefficiencies [7][10] - The company aims to return to core organizational principles that prioritize effective work allocation and minimize excess management layers [11][12] - Future organizational design will focus on achieving more with fewer resources, ensuring that the company remains competitive and capable of delivering results [13][14]

Wayfair Inc. shares rose 15.9% in premarket trades Friday after the home goods retailer announced a workforce reduction involving approximately 1,650 employees. The cuts represent approximately 13% of the company’s global workforce and approximately 19% of its corporate team as of Dec. 31, 2023. In a statement released early Friday, Wayfair W, -0.91% said that its workforce-realignment plan is expected to deliver annualized cost savings of more than $280 million.Related: Macy’s to lay off 13% of corporate s ...

By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time.Access your favorite topics in a personalized feed while you're on the go. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWayfair said Friday it's cutting 1,650 jobs, with many corporate staff in the firing line.The online furniture and homeware retailer is laying off about 13% of its workforce, including almost a fi ...