SA: Wayfair laying off 1,000+ workers as pandemic boom reverses

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.”