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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

☆ Boeing Defends Safety of 787 Dreamliner After Whistle-Blower’s Claims
▼ + stars: | 2024-04-15 | by ( Mark Walker | Niraj Chokshi | ) www.nytimes.com time to read: +1 min

Boeing sought on Monday to reassure the public of the safety of its 787 Dreamliner plane days before a whistle-blower is scheduled to testify before Congress about his concerns regarding the jet’s structural integrity. The presentation came just under a week after The New York Times reported the allegations by the whistle-blower, Sam Salehpour, who works as a quality engineer at Boeing and is set to testify before a Senate panel on Wednesday. Mr. Salehpour said that sections of the fuselage of the Dreamliner, a wide-body plane that makes extensive use of composite materials, were not properly fastened together and that the plane could suffer structural failure over time as a result. The Federal Aviation Administration is investigating his allegations. Mr. Salehpour’s claims instantly created another public-relations problem for Boeing, which has been facing intense scrutiny over its manufacturing practices after a panel came off a 737 Max during an Alaska Airlines flight in January.

Persons: Sam Salehpour, Salehpour, Salehpour’s Organizations: Boeing, New York Times, Federal Aviation Administration, Alaska Airlines Locations: North Charleston, S.C

☆ Spirit Airlines Will Delay Plane Purchases and Furlough Pilots
▼ + stars: | 2024-04-08 | by ( Niraj Chokshi | More About Niraj Chokshi | ) www.nytimes.com time to read: +1 min

Spirit Airlines said on Monday that it would delay delivery of new Airbus planes and furlough pilots to save money as it seeks to overcome several setbacks, including a blocked merger, engine problems and a lackluster recovery from the pandemic. Spirit and JetBlue gave up an effort to appeal that decision last month. Spirit plans to delay most of the Airbus planes it had expected to receive in 2025 and 2026 by about five years. It also said it expected to furlough about 260 pilots starting on Sept. 1. Those changes will help Spirit, which has lost money in each of the last four years, return to profitability, the company’s chief executive, Ted Christie, said.

Persons: Ted Christie Organizations: Spirit Airlines, Airbus, JetBlue Airways, Spirit, JetBlue

☆ 4 Takeaways About Boeing’s Quality Problems
▼ + stars: | 2024-03-28 | by ( Niraj Chokshi | Sydney Ember | ) www.nytimes.com time to read: +1 min

Boeing has faced intense scrutiny and pressure since a panel blew off a 737 Max 9 shortly after the plane, an Alaska Airlines flight, took off on Jan. 5. The episode raised fresh questions about the quality of the planes the company produces several years after two Max 8 planes crashed, killing nearly 350 people. Interviews with more than two dozen current and former employees reveal longstanding concerns about quality, particularly as pressure increased to keep production going in the company’s factories. Now, Boeing faces an immense challenge as it seeks to make changes that improve the quality of its products and regain its credibility with lawmakers, regulators, airlines and the public. Current and former Boeing employees said that for years it felt as if quality took a back seat to keeping planes moving through its factories.

Persons: Max Organizations: Boeing, Alaska Airlines

In February last year, a new Southwest Airlines Boeing 737 Max plane was on one of its first flights when an automated stabilizing system appeared to malfunction, forcing the pilots to make an emergency landing soon after they took off. Less than two months later, an Alaska Airlines 737 Max plane with eight hours of total flight time was briefly grounded until mechanics resolved a problem with a fire detection system. And in November, an engine on a just-delivered United Airlines 737 Max failed at 37,000 feet. These incidents, which the airlines disclosed to the Federal Aviation Administration, were not widely reported. But since Jan. 5, when a panel on a two-month-old Alaska Airlines 737 Max 9 jet blew off in midair, episodes like these have taken on new resonance, raising further questions about the quality of the planes Boeing is producing.

Persons: Max, ”, Joe Jacobsen Organizations: Southwest Airlines Boeing, Alaska Airlines, United Airlines, Federal Aviation Administration, Max, Boeing Locations: Alaska

☆ Boeing C.E.O. to Step Down in Major Reshuffle at Embattled Plane Maker
▼ + stars: | 2024-03-25 | by ( Sydney Ember | Niraj Chokshi | ) www.nytimes.com time to read: +1 min

Boeing announced Monday that its chief executive, David Calhoun, would step down at the end of 2024 as part of a broad management shake-up, as the aircraft maker grapples with its most significant safety crisis in years. Boeing also announced that its chairman, Larry Kellner, would not stand for re-election. The board elected Steve Mollenkopf, an electrical engineer by training and the former chief executive of Qualcomm, as its new chairman. In that role, he will lead the process of choosing Boeing’s next chief executive. The management overhaul comes less than three months after a panel, known as a door plug, blew off a Boeing Max 9 during an Alaska Airlines flight on Jan. 5.

Persons: David Calhoun, Stan Deal, Stephanie Pope, Larry Kellner, Steve Mollenkopf, Boeing’s Organizations: Boeing, Qualcomm, Boeing Max, Alaska Airlines

☆ United Airlines Faces Closer F.A.A. Scrutiny After Safety Incidents
▼ + stars: | 2024-03-22 | by ( Niraj Chokshi | More About Niraj Chokshi | ) www.nytimes.com time to read: +1 min

The Federal Aviation Administration will scrutinize United Airlines’ operations more closely in coming weeks after a spate of recent safety incidents, the airline told employees in a memo on Friday. “We will begin to see more of an F.A.A. presence in our operation as they begin to review some of our work processes, manuals and facilities,” Sasha Johnson, a vice president of corporate safety at the airline, said in the memo. said in a statement that it “routinely” monitored airline operations. The agency said it “focuses on an airline’s compliance with applicable regulations; ability to identify hazards, assess and mitigate risk; and effectively manage safety.”

Persons: “, ” Sasha Johnson, ” Organizations: Federal Aviation Administration, United Airlines

The Justice Department has begun a criminal investigation into Boeing after a panel on one of the company’s planes blew out on an Alaska Airlines flight in early January, a person familiar with the matter said. to be conducting an investigation,” Alaska Airlines said in a statement. “We are fully cooperating and do not believe we are a target of the investigation.” Boeing had no comment. On Jan. 5, a panel on a Boeing 737 Max 9 jet operated by Alaska Airlines blew out in midair, exposing passengers to the outside air thousands of feet above ground. The panel is known as a “door plug” and is used to cover a gap left by an unneeded exit door.

Persons: ” Organizations: Department, Boeing, Alaska Airlines, ” Boeing, Max, National Transportation Safety Board

Quality concerns and production slowdowns. Boeing is an American institution that has contributed to the country’s place on the global stage. As business reporters at The New York Times, we have for years been covering Boeing and concerns over the quality of the planes it makes. We want to hear from people who work — or have worked — at Boeing or at companies, government agencies or other organizations that deal with Boeing about what the company is doing wrong or right. We will not publish any part of your submission without following up with you again to get your permission.

Organizations: Boeing, The New York Times, Airbus, Alaska Airlines Locations: American

Boeing said on Friday that it was in talks to acquire Spirit AeroSystems, a struggling supplier that the manufacturer spun out nearly two decades ago and that makes the bodies of the 737 Max jet. In reabsorbing Spirit, Boeing would be seeking to rescue and restructure a troubled but important partner that has been battered by years of losses and quality control problems. Spirit’s problems have also at times limited how fast Boeing can produce Max planes, its most popular commercial jet. Bringing Spirit, one of the company’s key suppliers, back in house would be a significant strategic shift for Boeing, which has long relied on outsourcing to make its planes. Experts say the episode could have been catastrophic had it happened at a higher altitude with passengers moving about the cabin.

Organizations: Boeing, Alaska Airlines

The Justice Department is reviewing whether an early January incident in which a part of a Boeing plane blew out in midflight violated a 2021 agreement to settle a criminal charge against the company, according to a person familiar with the review. Boeing agreed to pay more than $2.5 billion to settle the charge, which stemmed from two fatal crashes of its 737 Max 8 planes. The Justice Department agreed to drop a criminal charge that was based on the actions of two employees who had withheld information from the F.A.A. There were no serious injuries, but the incident could have been catastrophic had it occurred minutes later, at a higher altitude. The panel is known as a “door plug,” which is used to cover a gap left by an unneeded exit door.

Persons: Trump Organizations: Boeing, Justice Department Locations: midflight, Portland ,

☆ Boeing’s Safety Culture Faulted by F.A.A. in New Report
▼ + stars: | 2024-02-26 | by ( Niraj Chokshi | More About Niraj Chokshi | ) www.nytimes.com time to read: 1 min

A Federal Aviation Administration report released on Monday found flaws in Boeing’s safety culture while noting that the airplane manufacturer had made some improvements since two fatal crashes involving the 737 Max 8 jet in 2018 and 2019. The report, written by a group of experts convened a year ago at Congress’ behest, found that there was a “disconnect” between senior management and other employees at Boeing. The company, the panel found, has at times been “inadequate and confusing,” in the way it carried out its safety culture. said that it would “immediately begin a thorough review of the report” and take action on its recommendations as appropriate. “We will continue to hold Boeing to the highest standard of safety and will work to ensure the company comprehensively addresses these recommendations,” the agency said.

Persons: “ Organizations: Federal Aviation Administration, Boeing

☆ 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

☆ Boeing 737 Max Official Is Out as Questions Linger on Mishap
▼ + stars: | 2024-02-21 | by ( Sydney Ember | Niraj Chokshi | ) www.nytimes.com time to read: +1 min

Boeing said on Wednesday that it was shaking up the leadership in its commercial airplanes unit after a harrowing incident last month during which a piece fell off a 737 Max 9 jet in flight. Ed Clark, the head of Boeing’s 737 Max program, which includes the Max 9, is leaving immediately, Stan Deal, the chief executive of the commercial airplanes unit, said in a memo to employees. Boeing, which also announced other leadership changes, has been under pressure from regulators, airlines and members of Congress to prove that it is committed to making safe planes. Boeing said recently that it was overhauling its quality control process, including increased inspections at the factory in Renton, Wash., where Mr. Clark oversaw Max production. Those crashes cost Boeing billions of dollars, damaged its image and attracted more scrutiny of the company from regulators worldwide.

Persons: Ed Clark, Stan Deal, Clark, Max Organizations: Boeing, Alaska Airlines, Max Locations: Renton, Wash, Alaska

☆ 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

☆ 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

☆ 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

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 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

☆ 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

☆ ‘Not Where We Need to Be’: Boeing to Make Changes in Quality Control
▼ + stars: | 2024-01-15 | by ( Niraj Chokshi | ) www.nytimes.com time to read: +1 min

Boeing said Monday that it would make changes to quality control processes after one of its 737 Max 9 jets lost a portion of its body during a nearly catastrophic Alaska Airlines flight this month. And Boeing will bring in an outside party to review its quality control program and suggest improvements. The Federal Aviation Administration grounded all Max 9 planes and said it would expand its scrutiny of Boeing. Inspections of the planes led Boeing to conclude that its manufacturing practices needed improvement. “To that end, we are taking immediate actions to bolster quality assurance and controls across our factories.”

Persons: Stan Deal, “ Organizations: Boeing, Alaska Airlines, Federal Aviation Administration

The Federal Aviation Administration said on Friday that it was expanding its scrutiny of Boeing, increasing oversight of the company with an audit of production of the 737 Max 9, a week after a panel in the body of one of those planes was blown out during flight. Later Friday night, the F.A.A. The agency said it needed more information on the inspection process before it could approve Boeing’s guidance for distribution. The grounded planes, 171 in total in the United States, will be not be cleared to fly again until they are inspected, which could take several days, though possibly a lot longer, once the F.A.A. United Airlines is the biggest U.S. user of the plane, though the jet makes up just 8 percent of the larger company’s fleet.

Persons: Boeing’s, Max Organizations: Federal Aviation Administration, Boeing, Alaska Airlines, Airlines Locations: United States

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