Wayfair is laying off 1,650 employees

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 ...