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.

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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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