Wayfair is laying off nearly 900 employees, the latest company to announce job cuts.
Vishal Garg, the CEO of US mortgage company Better.com has apologized for firing 900 staff members via a Zoom call.Wayfair announced on Friday that it is laying off nearly 900 employees, or 5% of its workforce worldwide.
The Boston home goods company is cutting about 870 jobs. Wayfair reported a 55% sales growth in 2020, as people moved to school and work from home at the start of the ongoing coronavirus pandemic and required more furniture and other goods. But last year, Wayfair sales declined 3.1%. , Wayfair CEO Niraj Shah said “Our team is too large for the environment we are now in, and unfortunately we need to adjust.
“I take responsibility for the impact this decision will have on the nearly 900 Wayfairians who will be told today they are no longer a part of building our company’s future,” he said, adding that the company is focused on “thinning out management layers,” in addition to other steps. The company’s costs related to the cuts is expected to be between $30 million and $40 million in the third quarter, mostly made up of employee severance and benefits.
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