{"id":12765,"date":"2022-08-20T14:44:42","date_gmt":"2022-08-20T14:44:42","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/08\/20\/wayfair-lays-off-870-people-about-5-percent-of-its-global-workforce\/"},"modified":"2022-08-20T14:44:44","modified_gmt":"2022-08-20T14:44:44","slug":"wayfair-lays-off-870-people-about-5-percent-of-its-global-workforce","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/08\/20\/wayfair-lays-off-870-people-about-5-percent-of-its-global-workforce\/","title":{"rendered":"Wayfair lays off 870 people, about 5 percent of its global workforce"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/8\/19\/23313103\/wayfair-870-layoffs-boston-retail-furniture-home<\/a>
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Wayfair saw a spike in sales at the beginning of the pandemic as customers stayed home and took an interest in renovating their space and shopping online<\/a> but today announced it\u2019s laying off 870 employees. In a filing to the Securities and Exchange Commission<\/a> (SEC), the online furniture and home decor retailer indicated that the \u201cworkforce reduction\u201d affects 5 percent of its global workforce and 10 percent of its corporate team. <\/p>\n

In the company\u2019s second-quarter results released on August 4th, Wayfair reported<\/a> a decrease in active customers, orders per customer, order deliveries, and a slight decrease in orders delivered via Wayfair\u2019s mobile app and in other areas. Overall, Wayfair saw a nearly 15 percent decrease in net revenue compared to its earnings in 2021. <\/p>\n

In a company memo<\/a> sent to employees on Friday, Wayfair CEO Niraj Shah explained the layoffs: <\/p>\n

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\u201cOver the past few years, we\u2019ve grown Wayfair significantly to keep pace with the ecommerce growth in the home category. We were seeing the tailwinds of the pandemic accelerate the adoption of ecommerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated. Our team is too large for the environment we are now in, and unfortunately we need to adjust.\u201d<\/p>\n<\/blockquote>\n

As costs have risen recently and fears of a recession lingered, companies in many industries have shrunk their team as a result of a changing sales environment after the peak period of the pandemic and saying they now need to save money. The Boston Globe<\/em><\/a> and Forbes <\/em>reported<\/a> in February 2020 that Wayfair laid off about 550 workers, with Shah blaming Wayfair\u2019s \u201crapid pursuit of growth,\u201d saying that it \u201chad its drawbacks.\u201d In May of this year, Wayfair announced a hiring freeze<\/a> that would last 90 days. <\/p>\n

E-commerce company Shopify laid off 1,000 employees<\/a> in July. Last week, Peloton announced that it would lay off 800 employees<\/a> (after firing 2,800 employees in February<\/a>) and begin shutting the doors of its brick-and-mortar showrooms in 2023. Tech companies like Snap<\/a>, SoundCloud<\/a>, Robinhood<\/a>, and even Netflix<\/a> laid off employees recently. <\/p>\n<\/div>\n


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Source: https:\/\/www.theverge.com\/2022\/8\/19\/23313103\/wayfair-870-layoffs-boston-retail-furniture-home<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: Wayfair saw a spike in sales at the beginning of the pandemic as customers stayed home and took an interest in renovating their space and shopping online but today announced it\u2019s laying off 870 employees. 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