E-commerce company cuts 900 jobs: Read CEO Niraj Shah’s open letter on layoffs
Wayfair reported 55% sales growth as families spent heavily to furnish living rooms and other parts of the house. Wayfair has reportedly cut about 870 employees, or 5% of its global workforce, as part of a plan previously announced by the home goods company to manage operating costs and realign its investment priorities after the pandemic, as per report
Furniture retailer Wayfair Inc on Friday announced that it would cut about 870 jobs, or 5% of its global workforce, as it looks to cut back operating expenses and realign investment priorities. Wayfair has reportedly cut about 870 employees, or 5% of its global workforce, as part of a plan previously announced by the home goods company to manage operating costs and realign its investment priorities after the pandemic, according to AP report.
With millions sheltering at home in 2020, the Boston company reported 55% sales growth as families spent heavily to furnish living rooms and other parts of the house. Last year, as more people ventured out, sales at Wayfair declined 3.1%, the report said.
Wayfair CEO Niraj Shah, in an open letter revealed that “I personally pushed hard to hire a strong team to support that growth. Yet, this year, that growth hasn’t materialized as we had anticipated. Our team is too large for the environment we are now in, and unfortunately, we need to adjust.” The letter by Niraj Shah, as per the company website:
Hi everyone,
As co-founders and leaders of the business, Steve and I know there’s nothing more important than the decisions we make that affect our people. Each of you contributes to the incredible team that delivers every day for our customers and suppliers, and we are constantly impressed by what we’re able to achieve together. It saddens me that, today, I need to […]
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