// Wayfair will cut 1,750 employees from its global workforce
// The move is part of a $1.4bn cost-saving drive to slash operating costs amid weakening demand for its furniture
Wayfair is to cut 1,750 jobs, which equates to 10% of its global workforce, as part of a $1.4bn cost-saving drive.
Measures includes reducing its corporate employees by 18% – 1,200 jobs cut – as it looks to scale down operating costs amid weakened demand for furniture.
The online retailer said the restructuring move, including the 870 jobs cut in August last year, represents $750 million in annual cost savings.
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Wayfair chief executive and co-chairman Niraj Shah said: “Although difficult, these are important decisions to get back to our 20-year roots as a focused, lean company premised on high ambitions and great execution.
“The changes announced today strengthen our future without reducing our total addressable market, our strategic objectives, or our ability to deliver them over time.”
Shah added that the retailer had scaled its spend “too quickly” over the last few years and is “simply returning” to operate in a highly productive and efficient way.
The retailer expects to incur between $68 million and $78 million of costs in the first quarter of 2023 as a result of the workforce reduction.
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