Recent lay-offs in logistics could well be 'a harbinger of headwinds'
Last month saw a spate of layoffs in the logistics arena: in the space of ...
SEEKING ALPHA reports:
Wayfair Inc. (NYSE:W) is the latest e-commerce retailer to reverse the massive hiring taken up during the pandemic.
The company is reported to be preparing to lay off more than 1K workers due to a slowdown with sales.
The round of job eliminations by Wayfair (W) is the second in six months and is expected to affect more than 5% of the workforce at the Boston-based company…
The full story is here.
PS: The company announced on Friday, 20 January, a new “cost efficiency plan“.
It said that, “totaling more than $1.4 billion in annualized cost actions, the plan – initiated in August 2022 – is well underway and is expected to accelerate the company’s timeline for adjusted EBITDA breakeven to earlier in 2023 as the first step towards positive free cash flow. As a part of this effort, Wayfair today announced a reduction of approximately 1,750 employees, representing 10% of its global workforce as of December 31, 2022.”
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