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In the ongoing fight between managers and employees over remote work, online furniture and home-goods retailer Wayfair Inc., in its latest round of job cuts, appeared to side with commutes, offices and desks.
Wayfair (W) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.
Wayfair admits it hired too many people and is yet again cutting jobs to remedy its mistake. The company wants to hit a 10% adjusted profit margin but is still well below this goal.
The layoffs come after a year-end note to staffers telling them "working long hours, being responsive, blending work and life, is not anything to shy away from."
The shares of Wayfair Inc (NYSE:W) are surging today, after the furniture retailer announced it was cutting 13% of its workforce, or 1,650 employees, in its latest restructuring plan.
Wayfair is laying off 1,650 employees as part of its efforts around “right-sizing its cost structure.” The cuts amount to about 13% of its global workforce and 19% of its corporate team, the furniture and home goods eCommerce company said in a Friday (Jan. 19) press release.
Online furniture retailer Wayfair Inc (NYSE:W) announced a significant workforce reduction, laying off approximately 1,650 employees, representing 13% of its global workforce. The move is part of the Boston-based company's ongoing cost-cutting initiatives, aiming to streamline its operations and reduce expenses amid challenging market conditions.
Wayfair (NYSE: W ) layoffs are a hot topic on Friday as the e-commerce company announces major cuts to its workforce to streamline operations. That has the company cutting 1,650 employees or 13% of its total global workforce.
E-commerce home goods retailer Wayfair said it will cut jobs and expects its restructuring plan, which started in August 2022, to save more than $280 million.
Wayfair sees annualized cost savings of more than $280 million from the job cuts.