THE RETAIL BULLETIN - The home of retail news
Home Page
News Categories
Christmas Ads
Commentary
Department Stores
Electricals & Technology
Entertainment
Fashion
Food & Drink
General Merchandise
Grocery
Health & Beauty
Home & DIY
Interviews
Property
Retail News
Retail Solutions
Shopping Centres, High Streets & Retail Parks
Sports & Leisure
Retail Events
People in Retail Awards 2023
Retail Marketplace Strategy 2023
Omnichannel Futures 2023
Retail HR Central
Digital Transformation Strategy 2023
Customer Engagement Strategy 2023
Retail HR 2023
THE Retail Conference 2023
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Wayfair to cut 1,750 jobs across its global workforce

Furniture retailer Wayfair has announced plans to cut around 1,750 jobs, or 10% of its global workforce, as it looks to reorganise its business and become… View Article

HOME & DIY

Wayfair to cut 1,750 jobs across its global workforce

Furniture retailer Wayfair has announced plans to cut around 1,750 jobs, or 10% of its global workforce, as it looks to reorganise its business and become more agile.

Forming part of the company’s $1.4 billion cost cutting drive announced in August, the cuts will include 1,200 corporate roles to help eliminate management layers.

Niraj Shah, chief executive, co-founder and co-chairman of Wayfair, said: “Although difficult, these are important decisions to get back to our 20-year roots as a focused, lean company premised on high ambitions and great execution

“The changes announced today strengthen our future without reducing our total addressable market, our strategic objectives, or our ability to deliver them over time.

“In hindsight, similar to our technology peers, we scaled our spend too quickly over the last few years. The good news for Wayfair is that we have operated in a highly productive and efficient way for the vast majority of our 20 year history, and we are now simply returning to that.”

Including 870 job cuts made in August, Wayfair said the labour portion of the plan represents around $750 million worth of cost savings.

Wayfair has also announced that year-on-year gross revenue improved in December.

Shah added: “We are encouraged by our recent topline performance and in particular the momentum in orders. Our market share continues to improve as our core offering strengthens across key dimensions such as availability, speed, and price.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News