Wayfair reportedly cutting 870 jobs, including hundreds in Boston
I guess Anons' discoveries about Wayfair selling sex-trafficked children wasn't good for business for these Satanic scumbags. LOLOLOLOL.
LINK - https://www.masslive.com/boston/2022/08/wayfair-reportedly-cutting-870-jobs-including-hundreds-in-boston.html
ARCHIVE - https://archive.ph/J7zdT
Wayfair is reportedly cutting 870 jobs, including hundreds in Boston.
Reuters reported Friday that the Boston-based online furniture retailer would cut about 5% of its global workforce. About 400 of those jobs, the Boston Globe reported, would be in Boston.
“We are actively navigating Wayfair towards a level of profitability that will allow us to control our own destiny, while still investing aggressively in the future,” Niraj Shah, Wayfair CEO and co-founder, said in a memo to employees, according to the Globe. “The macro environment doesn’t change our belief in the size of the opportunity and we are moving purposely to seize that opportunity.”
The news comes weeks after its second quarter reports.
The report stated that total net revenue was down $573 million, which was down 14.9% year over year. U.S. net revenue was down 9.7% year over year or $302 million and International net revenue of $0.5 billion decreased $271 million, which was down 35.7% year over year.
“During a difficult macroeconomic environment, we remain squarely focused on our customers and our suppliers, and on making sure Wayfair is their preferred platform for the Home,” Shah said in a statement after the report. “We are tightly controlling our many levers and steering Wayfair in a financially responsible manner through this period.”
He also stated that the plan is “intended to balance continued investment in long-term growth while ensuring tight day-to-day execution across a range of macro scenarios.”
The Globe reported the company benefited significantly during the COVID-19 pandemic, however, due to recent inflation has seen revenue decline.
Fortune reported Wayfair implemented a hiring freeze for 90 days in May citing economic uncertainty. It also laid off 3% of staff in 2020, according to USA Today.