Wayfair to lay off over 1000 employees
- ByStartupStory | January 20, 2023
According to Bloomberg, Wayfair Inc announced a round of job cuts. As per people familiar with the situation, more than 1,000 employees will lose their jobs.
In August, the company laid off 870 positions, which represented roughly 5% of its global workforce, the person said.
According to Bloomberg, the online home-goods retailer has struggled with declining sales for more than a year after revenue boomed during the early stages of the pandemic when US shoppers spent on fixing up their houses.
Wayfair’s stock has dropped roughly 75% in the last year.
With tech giants like Twitter, Amazon, Microsoft, Meta, and Ola constantly laying off workers, layoffs have reached a new high since 2022. Amazon is currently issuing pink slips to 18,000 employees, 1000 of whom are from India. Following Musk’s acquisition, Twitter also laid off a number of employees.
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