E-commerce

Wayfair expands workforce cuts

Adobe Stock

January 26, 2023

Wayfair will now slash nearly 20% of its workforce in an effort to trim costs.

The online furniture retailer had announced a layoff of 870 jobs back in August. The latest announcement said the reduction will hit 1,750 jobs, according to a Reuters report. The cost savings will be $750 million, according to a company statement.

The news comes amidst company layoff announcements, primarily within the technology industry but including Bed Bath & Beyond.

Earlier this month, Bed Bath & Beyond announced it would be closing more stores than originally planned as it struggles financially. The retailer will now close 150 stores compared to 122 in four states, including New York, New Jersey, Connecticut and California, according to a Yahoo Finance report. The news comes short on the heels of the company stating that bankruptcy was one option it was considering given its failing sales but is also investigating "multiple paths," according to the Yahoo report.