Citing a slowdown in e-commerce, Wayfair on Friday announced it is laying off 870 employees, representing 5% of its global workforce and about 10% of its corporate staff, according to a filing with the Securities and Exchange Commission.
The layoffs, which are part of a previously announced plan to manage operating expenses, will result in $30 million to $40 million in costs, primarily in the third quarter, related to employee severance and benefits. The costs do not include stock-based compensation.
The retailer is also in the process of making “substantial reductions” to its third-party labor costs, per the filing.
Source: Retail Dive
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