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In response to a decline in sales, Wayfair eliminates 870 workers, including 400 in Boston.
Wayfair Cuts 870 Jobs: The company recently reported a quarterly deficit and attributed it on changes in customer spending.
Wayfair, an online retailer of home furnishings, is laying off 870 employees, including 400 in Boston, as it responds to sales reductions sparked in part by high inflation.
The job layoffs were disclosed in a memo sent on Friday morning to all 18,000 workers by CEO Niraj Shah. While those conversations had already started with staff in Europe and Asia, all North American workers were expected to be informed on Friday if their employment are endangered.
According to region, length of service, and job level, the corporation is providing severance. For instance, Wayfair is providing a minimum of 10 weeks of compensation and continuing employee equity vesting until October in the US.
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About 5% of the company’s global staff and 10% of its corporate team will be laid go. The corporation anticipates spending $30 million to $40 million on the personnel reduction; the majority of this sum will go toward severance fees.
A similar-sized layoff occurred at Wayfair in February 2020, when 550 employees were let go globally, including 350 in Boston. For one of the state’s few consumer-focused digital companies, that was a turning point.
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