Wayfair to cut 1,650 jobs

Wayfair will cut approximately 13% of its global workforce, impacting approximately 1,650 employees, the company announced Friday.

The e-commerce home goods retailer said it expects to save more than $280 million from the restructuring plan, which began in August 2022. The company employed 17,505 people at the end of 2022, according to its March 2023 proxy statement.

“The changes announced today align with our core principles around resource allocation, including fitting across spans and layers and focusing on top priorities,” Wayfair CEO Niraj Shah said in a statement. It reflects the regression of

The layoffs come a month after Mr. Shah implored employees to work harder, saying in an email to employees, “We don’t really have a history of laziness being rewarded with success.” I was disappointed.

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The company’s stock rose more than 15% in premarket trading.

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Wayfair announced in January 2023 that it would cut approximately 1,750 jobs, or 10% of its workforce.

Other retailers, including Macy’s, Hasbro and Etsy, have also recently announced layoff plans. Macy’s announced Thursday it will cut 2,350 jobs and close five stores. Hasbro announced in December it would cut 1,100 jobs after consecutive quarters of toy sales declined. Also in December, Etsy announced it would cut 225 jobs, or 11% of its workforce, due to difficult economic conditions.

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Wayfair expects to incur costs of $70 million to $80 million related to employee severance and benefits costs.

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The company plans to release quarterly results in February.