Wayfair is laying off about 870 workers as the online home goods seller trims costs in response to slowing sales and an inflation-driven shift in consumer spending.
The Boston-based company's cuts impact about 5% of its global workforce of 18,000 and roughly 10% of its corporate team, the company said Friday in a regulatoryThe company grew quickly in recent years to keep pace with online purchases of home furnishings, with the pandemic accelerating the increase in online shopping, CEO Niraj Shah said Friday in announcing the job reductions in a"This year, that growth has not materialized as we had anticipated.
Wayfair expects to save $30 million to $40 million related to the workforce cut, mostly on severance, which the company is offering based on location, time with company and job title. That includes a payout of first-quarter corporate bonuses for those who are eligible, Shah said. Workers in the U.S. will get a minimum of 10 weeks pay and continued vesting of employee equity through October.
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