Wayfair lays off 870 people, about 5 percent of its global workforce
Wayfair saw a spike in sales at the beginning of the pandemic as customers stayed home and took an interest in renovating their space and shopping online but today announced it’s laying off 870 employees. In a filing to the Securities and Exchange Commission (SEC), the online furniture and home decor retailer indicated that the “workforce reduction” affects 5 percent of its global workforce and 10 percent of its corporate team.
In the company’s second-quarter results released on August 4th, Wayfair reported a decrease in active customers, orders per customer, order deliveries, and a slight decrease in orders delivered via Wayfair’s mobile app and in other areas. Overall, Wayfair saw a nearly 15 percent decrease in net revenue compared...