Wayfair cutting 5% of global workforce

Job cuts represent 5% of Wayfair's global workforce

Wayfair cutting 5% of global workforce

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Wayfair Inc. is cutting hundreds of jobs as it seeks to become more profitable, the retailer said on Friday.

Approximately 870 jobs will be cut. This represents 5% of its global workforce and 10% of its corporate teams, the company said.

Wayfair expects the layoffs to cost the company between about $30 million and $40 million for employee severance and benefit costs. It expects to incur these costs in the third quarter of 2022.

This is a developing story. Check back for updates.

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