Retail

Wayfair to layoff 1,650 employees

Online furniture retailer Wayfair is reducing its workforce by cutting approximately 1,650 jobs, representing 13% of its global workforce and 19% of its corporate team.

Published: Jan 19, 2024 7:43 AM

By Jeanel Alvarado

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Wayfair to layoff 1,650 employees

Online furniture retailer Wayfair is reducing its workforce by cutting approximately 1,650 jobs, representing 13% of its global workforce and 19% of its corporate team. This move is part of the company’s ‘Workplace Realignment Plan,’ which involves restructuring efforts to streamline operations and reduce costs amid a challenging economic climate.

“Earlier today I sent a note to all Wayfair employees detailing today’s action and the rationale behind it, which is available for everyone to read on our company site.

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 focusing on our highest priorities.

As a result, we’re reducing team sizes across the organization, as well as reducing seniority in certain roles that we plan to rebuild with modified leveling over the course of this year,” commented Shah, CEO, co-founder, and co-chairman, Wayfair.

“While today’s actions will bolster our Adjusted EBITDA roadmap, I am increasingly focused on generating Adjusted EBITDA in excess of equity-based compensation as well as capital expenditures, and intend to drive meaningful improvements here quickly…

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Wayfair to layoff 1,650 employees

Online furniture retailer Wayfair is reducing its workforce by cutting approximately 1,650 jobs, representing 13% of its global workforce and 19% of its corporate team.

Unlock the rest of this story

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