Online furniture retailer Wayfair to cut 1,650 jobs to trim costs

Posted on by


Online furniture retailer Wayfair said on Friday it would lay off about 1,650 employees, or 13% of its global workforce, as it looks to trim costs.

 


The company’s shares rose about 8% in premarket trade as Wayfair said that the latest job cuts would result in annualized cost savings of more than $280 million.

 


Last year, Wayfair had said it would cut 1,750 jobs, or about 10% of its workforce.

 


The company had a global workforce of about 17,505 employees as of the end of 2022, according to a 2023 proxy statement.

First Published: Jan 19 2024 | 5:59 PM IST