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☆ Wayfair's losses narrow by more than $100 million after layoffs, even as sales dip
▼ + stars: | 2024-05-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Wayfair's sales slid during its first fiscal quarter, but the online furniture retailer reduced its losses after cutting 13% of its workforce at the start of the year, the company announced Thursday. The steepest drop off came from Wayfair's international segment, where sales fell nearly 6% to $338 million compared to the year-ago period. The restructuring – the third Wayfair implemented since summer 2022 – was expected to save the company about $280 million, it said previously. During the quarter, Wayfair's active customers grew 2.8% to 22.3 million, slightly ahead of the 22.1 million that analysts had expected, according to StreetAccount. On average, orders were valued at $285 during the quarter, compared to the $275.07 that analysts had expected, according to StreetAccount.

Persons: Wayfair, Niraj Shah, Shah, – Organizations: LSEG

☆ Wayfair is opening its first-ever physical furniture store
▼ + stars: | 2024-04-18 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Online furniture and home furnishings seller Wayfair is set to open its first-ever namesake store next month, the company announced Thursday. It will also feature an onsite restaurant called “The Porch,” the company said, taking a page out of Ikea’s store setup. Furniture stores need to always be advertising, Saunders added, because people generally don’t buy furniture very often. This is particularly important in furniture and finishings where people like to see and try out products before buying,” Saunders said. “If this store is successful then it could be the start of wider physical expansion for Wayfair,” Saunders said.

Persons: Joss, ”, Neil Saunders, Saunders, Wayfair, it’s, Niraj Shah, Wayfair “, “ It’s, ” Saunders Organizations: New, New York CNN —, GlobalData Locations: New York, Edens, Wilmette , Illinois

☆ Wall Street is loving AI while Big Tech is warning employees about how they use it
▼ + stars: | 2024-02-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Wall Street's love affair with Nvidia (and AI) while Big Tech still grapples with how to use the tools . Since Nvidia's GPUs sit at the center of the AI revolution, the company's success suggests the hype around the tech is warranted. One issue is bias showing up in AI tools . AdvertisementInternal documents show that Amazon is warning its employees not to use third-party generative AI tools for work , BI's Ashley Stewart and Eugene Kim report. It's an interesting acknowledgement of the risks involved with using AI tools — especially when Amazon is pitching its own chatbot to customers .

Persons: —, It's, Michael M, Tyler Le, it's, Matthew Fox, Wall, Jensen, Kathleen Brooks, XTB, BI's George Glover, Chelsea Jia Feng, — ChatGPT, Monica Melton, BI's Ashley Stewart, Eugene Kim, Paul Morigi, Jenny Chang, Rodriguez, Goldman, Joe Duran, Jensen Huang, Huang, Reddit, Sam Altman, Elon Musk, Gemini, isn't, RJ Scaringe, Rivian, Scaringe, Steve Conine, Niraj Shah, Lucas Jackson, Wayfair, Bruce Dixon, they'd, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Nvidia, Big Tech, Getty, Nasdaq, Nikkei, GameStop, SEC, CNBC, EV, Warner Bros Discovery Inc, Hyatt Hotels Locations: Paul, New York, London, Chicago

☆ Wayfair CEO says laying off workers has turned out great
▼ + stars: | 2024-02-22 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: 1 min

AdvertisementLaying off workers over and over is working out great for Wayfair, according to the company's leaders. On Thursday, Wayfair CEO Niraj Shah wrote in a letter to shareholders — co-signed by co-founder and co-chairman Steve Conine — that several rounds of layoffs over the last year-and-a-half have helped the company become leaner and meaner. "While it is early, it does seem like we are getting more done, and faster, and at a lower cost," Shah and Conine wrote in the letter. "It also feels like we have the right level leaders in charge of the right things." This story is available exclusively to Business Insider subscribers.

Persons: Niraj Shah, Steve Conine —, Shah, Conine Organizations: —, Business

☆ It looks like remote workers are getting the boot once again
▼ + stars: | 2024-01-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

A bunch of executives at e-commerce firm Wayfair singled out remote workers as the ones who were more likely to have been laid off in a fresh round of cuts, The Wall Street Journal. The targeting of remote workers will come as little surprise for many, given the ugly battle that's been raging over remote work in recent months. Some bosses such as Elon Musk have disparaged remote workers as lazy members of the "laptop classes living in la la land," and called out the practice as "morally wrong." However, the Wayfair layoffs are a reminder that remote workers are in grave danger if their managers don't believe they're putting in the hours away from the office. Many remote workers will be feeling more vulnerable than ever.

Persons: —, Wayfair, Niraj Shah, Shah, Elon Musk, Goldman Sachs, David Solomon, Ken Griffin Organizations: Service, Street, Business, Elon, Meta, Google, eBay, Billionaire, Citadel Locations: la la

☆ Employers and workers are at odds over work-life balance — here's who is winning
▼ + stars: | 2024-01-23 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

At the end of last year, Wayfair CEO Niraj Shah had a clear message for workers heading into 2024: "Winning takes hard work." "There is not a lot of history of laziness being rewarded with success," Shah wrote. "In his note, Niraj was reinforcing some of the values that have contributed to Wayfair's success, including questioning the status quo, being cost-efficient and working hard together to drive results." However, employees now have other priorities, new research shows, and more time at the office is not one of them. Employees are more likely to consider work-life balance, flexible hours and mental health support as more important, the report found.

Persons: Niraj Shah, Shah, Niraj Organizations: Business, Finance

☆ Read the email Wayfair's CEO sent to staff announcing that it's laying off 13% of its workforce
▼ + stars: | 2024-01-19 | by ( Grace Dean | ) www.businessinsider.com time to read: +10 min

Wayfair said on Friday that it was cutting 13% of its global workforce, or around 1,650 workers. This came only weeks after CEO Niraj Shah sent a companywide email saying Wayfair was "back to winning" but also warning that staff should be careful with its money. AdvertisementNorth American staff would receive an email shortly letting them know whether their roles had been affected, while laid-off staff in Europe had already begun discussions with HR about the next steps, Shah said. Read the full email Shah sent to Wayfair staff below. First, I want to be clear that there are many things at the company that are going well.

Persons: Wayfair, Niraj Shah, Shah, we've, you'll, Covid, – Organizations: Talent, Covid Locations: Europe, North America, Wayfair

☆ Wayfair to lay off 13% of workforce, impacting 1,650 employees
▼ + stars: | 2024-01-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Wayfair is cutting 13% of its global workforce as the digital home goods retailer looks to trim down its structure, cut out layers of management and reduce costs, it announced Friday. The company plans to lay off around 1,650 employees, including 19% of its corporate team, with a focus on people in management and leadership positions, the company said. The restructuring – the third Wayfair has implemented since summer 2022 – is expected to save the company about $280 million, it said. The layoffs come after Hasbro , Etsy and Macy's all announced cuts to their workforces as retailers contend with slowing demand and an uncertain economy. As a result, Wayfair has needed to make cuts to ensure its staffing levels are proportionate to how much business it's doing.

Persons: –, Niraj Shah, Macy's, Wayfair Organizations: New York Stock Exchange, Hasbro, Etsy

☆ Wayfair is slashing 1,650 jobs just weeks after the CEO said it was profitable again
▼ + stars: | 2024-01-19 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWayfair said Friday it's cutting 1,650 jobs, with many corporate staff in the firing line. "I truly regret the impact this will have on you," Shah told staff in an email on Friday announcing the layoffs. Wayfair appears to have had about 12,700 staff before the most recent round of layoffs. Were you laid off by Wayfair or are you concerned about the cuts?

Persons: —, Wayfair, Niraj Shah, Shah, they've Organizations: Service, Business

☆ Wayfair lays off 13% of its workforce weeks after telling employees to work harder
▼ + stars: | 2024-01-19 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Wayfair is laying off 1,650 employees, amounting to 13% of its global workforce, as the online home goods retailer struggled to rebound following its success amid pandemic lockdowns. “I believe we need to stay focused as a company on what committed small teams can accomplish,” Shah wrote Friday. All workers will receive an email Friday about their future with the company and severance will be offered to those affected. Late last year, Wayfair’s Shah garnered attention for his blunt year-end letter to his employees telling them to blend work and life together. Shah also encouraged Wayfair employees to think of the company money they spend as their own and negotiate prices.

Persons: New York CNN —, Niraj Shah, Wayfair “, Shah, “, ” Shah, Wayfair, Wayfair’s Shah, ”, CNN’s Nathaniel Meyersohn Organizations: New, New York CNN Locations: New York, Boston

Online furniture seller Wayfair is cutting about 1,650 jobs, or 13% of its global workforce. Wayfair announced its latest job cuts Friday. Political Cartoons View All 253 ImagesFriday’s job cuts are expected to bring annualized cost savings of more than $280 million, Wayfair said. The Wall Street Journal first reported on Macy's layoffs and planned store closures Thursday, citing an internal memo and people familiar with the situation. Job cuts have taken a toll on workers across various industries — including retail, tech, media and hospitality — over the last few years.

Persons: Niraj Shah, ”, Wayfair, Macy's Organizations: —, Wayfair, Associated Press, New, Macy's Inc, Street Journal, Google, Hasbro, LinkedIn Locations: New York, Arlington , Virginia, Ballston, Leandro , California, Lihue, Hawaii, Simi Valley , California, Simi Valley, Tallahassee , Florida

☆ Wayfair losses narrow but sales come in short of expectations as demand remains tepid
▼ + stars: | 2023-11-01 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Wayfair is inching closer to profitability, but its third-quarter results still fell short of revenue expectations as the home market continues to be under pressure. Excluding one-time items, Wayfair reported an adjusted loss of 13 cents per share. Wayfair has been focusing on cost discipline to drive profitability and protect its margins as demand remains tepid across the home goods sector and other consumer discretionary categories. That discipline led Wayfair to see adjusted earnings before interest, tax, depreciation and amortization of $100 million, compared to the $55 million analysts had expected, according to StreetAccount. During the quarter, those costs came down to $596 million, compared to $656 million in the year ago period.

Persons: Wayfair, it's, who've, Niraj Shah Organizations: New York Stock Exchange, LSEG Locations: U.S

☆ Here are the biggest winners from Bed Bath & Beyond's bankruptcy filing
▼ + stars: | 2023-04-24 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday after failing to raise enough money to stay in business. The company is asking a New Jersey bankruptcy court permission to auction its namesake and Buy Buy Baby brands. "Comments from BBBY suggest that if a buyer of the company does not emerge, management plans to gradually wind down operations. The company currently operates 360 namesake locations and 120 Buy Buy Baby stores. "We are hard-pressed to envision Wayfair shares moving appreciably higher until the company's business model showcases improved, broad-based fundamental momentum.

☆ Kanye West and Sam Bankman-Fried lose billionaire titles on Forbes' annual rich list
▼ + stars: | 2023-04-05 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried and Ye, formerly known as Kanye West, have dropped off Forbes' billionaire list. Bankman-Fried's net worth tumbled from $24 billion in 2022 to less than $10 million, per Forbes. Bankman-Fried's net worth tumbled from $24 billion in 2022 to less than $10 million, according to Forbes wealth reporter Richard J. Chang. Bernard Arnault and his family topped the list with a net worth of $211 billion, according to Forbes. Forbes estimated the billionaire had around $39 billion knocked off his total net worth last year.

☆ Wayfair Is Laying Off 1,750 Workers
▼ + stars: | 2023-01-25 | by ( Paul Berger | Sarah Nassauer | ) www.wsj.com time to read: 1 min

Wayfair aggressively added staff during the pandemic to expand its warehouse operations and customer-service teams. Wayfair Inc. is laying off about 1,750 workers, or 10% of its workforce, as the online furniture seller confronts shrinking sales after a pandemic-driven boom. Wayfair co-founder and CEO Niraj Shah in an email to staff Friday morning said the company had grown too big.

☆ Wayfair stock climbs after online retailer lays off 1,750 workers
▼ + stars: | 2023-01-20 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Wayfair 's stock price jumped 20% Friday after the retail giant said it will let go of roughly 1,750 employees, or 10% of its global workforce, to support company-wide cost reductions. Executives expect the two rounds of layoffs will save $750 million a year, according to a press release. The retailer will offer employees severance based on each individual's circumstances, such as their country, tenure and level, Shah wrote. Wayfair reported a revenue decrease of 9% year over year and a $286 million loss in the third quarter of 2022. In addition to layoffs, he added the retailer has slimmed costs in advertising, insurance policies, janitorial services and software licenses.

☆ Why corporate leaders like Mark Zuckerberg, Jack Dorsey, and Evan Spiegel are all apologizing for the massive layoffs at their companies
▼ + stars: | 2022-11-15 | by ( Sarah Belle Lin | ) www.businessinsider.com time to read: +10 min

Since the pandemic, the largest tech layoffs have been at Meta, Getir, Booking.com, Twitter, Uber, Better.com., Peloton, and Groupon, Layoffs.fyi data show. Now companies in tech are reversing some of the huge hiring that they did in the past couple of years, Lee said. Mark Zuckerberg, MetaFacebook CEO Mark Zuckerberg speaks about "News Tab" at the Paley Center, in New York on October 25, 2019. In the memo he wrote: "Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. Jack Dorsey, ex-CEO TwitterTwitter CEO Jack Dorsey testifies before the House Energy and Commerce Committee in Washington, DC, in 2018.

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