6.9 C
London
Thursday, September 29, 2022

Wayfair lays off 5% of its workforce, or nearly 900 employees – londonbusinessblog.com

Must read

Six people were shot at a California school, official says

Six people were injured in a shooting at an Oakland school on Wednesday, authorities said.The victims, all adults, were treated in local hospitals, Mayor...

Astra will no longer launch NASA’s TROPICS satellites • londonbusinessblog.com

Rocket launch company Astra will no longer send the remaining NASA TROPICS payloads to space, but will instead launch other "similar" science missions for...

Ecommerce Aggregator Una Brands Gets $30 Million to Acquire More APAC Brands • londonbusinessblog.com

Una brands, an e-commerce aggregator targeting brands in the Asia-Pacific region, today announced the first close of its Series B round at $30 million....

The Antler Investor Memo: Codis Lowers Software Development Costs With Automation

Early stage investment firm Antler Australia recently supported 13 startups as part of its ongoing program to build great local tech companies. For...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Wayfair, the online retailer of household goods, announced today it laid off nearly 900 employees as a way to re-prioritize investment needs and meet the company’s current needs. This comes after the company vacancy stop back in May.

The layoffs represent nearly 5% of the company’s global workforce and 10% of the corporate team SEC filingswith 400 jobs being cut in Boston at the company’s headquarters.

“We saw the tailwind of the pandemic accelerate the adoption of e-commerce shopping, and I personally pushed hard to hire a strong team to support that growth,” said company founder and CEO Niraj Shah. memo to employees. “This year, that growth has not materialized as we expected. Our team is too big for the environment we are in now, and unfortunately we have to adapt.”

It is unclear which teams were specifically affected by the layoffs. londonbusinessblog.com contacted Wayfair but was referred to the company’s memo.

The layoffs will receive severance pay based on geography and tenure. According to the company, US-based employees will receive a minimum of 10 paid weeks in addition to other resources, such as outplacement services.

The Boston-based company said it expects severance costs to be between $30 and $40 million, mainly consisting of severance payments. According to the SEC filing, the hit will be reflected in the company’s current quarter.

“We are actively navigating Wayfair to a level of profitability that allows us to determine our own destiny while still aggressively investing in the future,” Shah said. “We have prioritized our work and set clear goals: to focus on the basics, increase cost efficiency and earn more customer and supplier loyalty. This macro-environment does not change our belief in the magnitude of the opportunity ahead, and we are deliberately going to seize that opportunity.”

During the first two years of the COVID-19 pandemic, the company was profitable and reflected so in his stock, but has since taken a hit. According to The Wall Street JournalWayfair’s stock fell more than 17% Friday morning.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Six people were shot at a California school, official says

Six people were injured in a shooting at an Oakland school on Wednesday, authorities said.The victims, all adults, were treated in local hospitals, Mayor...

Astra will no longer launch NASA’s TROPICS satellites • londonbusinessblog.com

Rocket launch company Astra will no longer send the remaining NASA TROPICS payloads to space, but will instead launch other "similar" science missions for...

Ecommerce Aggregator Una Brands Gets $30 Million to Acquire More APAC Brands • londonbusinessblog.com

Una brands, an e-commerce aggregator targeting brands in the Asia-Pacific region, today announced the first close of its Series B round at $30 million....

The Antler Investor Memo: Codis Lowers Software Development Costs With Automation

Early stage investment firm Antler Australia recently supported 13 startups as part of its ongoing program to build great local tech companies. For...

Amazon will air Friday’s Yankees game on cable, alongside Prime Video

This Friday's Yankees game against the Orioles will no longer be available exclusively on Amazon Prime Video, like 20 games before it: The game...