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 ...

Wayfair IPO on the floor of the New York Stock Exchange.Wayfair is cutting 13% of its global workforce as the digital home goods retailer looks to trim down its structure, cut out layers of management and reduce costs, 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, the company said. The restructuring – the third Wayfair has implemented since summer 2022 – is expected to save the com ...

Proactive organizational redesign accelerates profitability goals BOSTON, Jan. 19, 2024 /PRNewswire/ -- Wayfair Inc. (NYSE: W), one of the world's largest destinations for the home, today announced details related to right-sizing its cost structure, following the series of actions originally initiated in August 2022. After a comprehensive, organization-wide analysis of the appropriate team size and structure, the company announced a workforce reduction involving approximately 1,650 employees, representing a ...

Wayfair Inc. (NYSE:W) Q3 2023 Earnings Conference Call November 1, 2023 8:00 AM ET Company Participants James Lamb - Head of Investor Relations Niraj Shah - CEO, Co-Founder and Co-Chairman Steve Conine - Co-Chairman and Co-Founder Kate Gulliver - Chief Financial Officer and Chief Administrative Officer Conference Call Participants Christopher Horvers - JPMorgan Maria Ripps - Canaccord Genuity Ygal Arounian - Citigroup Anna Andreeva - Needham & Company Simeon Gutman - Morgan Stanley Oliver Wintermantel - Eve ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36666 | | | (Exact name of registrant as specified in its charter) | Delaware | | | 36-4791999 | | --- | --- | --- | ...

Wayfair Inc. (NYSE:W) Q2 2023 Earnings Conference Call August 3, 2023 8:00 AM ET Company Participants James Lamb - Head of Investor Relations Niraj Shah - CEO, Co-Founder and Co-Chairman Steve Conine - Co-Chairman and Co-Founder Kate Gulliver - Chief Financial Officer and Chief Administrative Officer Conference Call Participants Christopher Horvers - JPMorgan Maria Ripps - Canaccord John Blackledge - TD Cowen Alexandra Steiger - Goldman Sachs Curtis Nagle - Bank of America Steven Forbes - Guggenheim Securit ...