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Furniture retailer Wayfair to cut 870 jobs

Online furniture retailer Wayfair¬†has reported it will cut about 870 jobs, or 5% of its global workforce, as it looks to cut back operating expenses and… View Article

HOME AND DIY RETAIL NEWS

Furniture retailer Wayfair to cut 870 jobs

Online furniture retailer Wayfair has reported it will cut about 870 jobs, or 5% of its global workforce, as it looks to cut back operating expenses and realign investment priorities.

Shares of the company were down about 8% in premarket trading.

Wayfair pegged costs to be in the range of $30 million to $40 million, mainly due to employee severance and benefit expenses.

All of these costs are expected to be substantially in the third-quarter of 2022, the company said.

Earlier this month, the company reported a larger-than-expected second-quarter loss, hurt by soaring supply chain expenses and declining demand for furniture from pandemic-highs.

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