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

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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.

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