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