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. The Wall Street Journal reported that Wayfair W, -1.63% executives on Tuesday told employees at a company-wide meeting that staff who worked remotely “were more likely to be laid off” in those cuts, which will affect around 1,650 employees, or 13% of the company’s global workforce. Those layoffs were a ...

Wayfair (W) shares ended the last trading session 10.3% higher at $56.13. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 25.3% loss over the past four weeks.Wayfair extended its rally, driven by its latest workforce reduction step. The company announced that it would be cutting 1,650 jobs which represent 13% of its global workforce and 19% of its corporate team as of Dec 31, 2023.This online home goods retailer is ...

Shares of home-furnishing e-commerce company Wayfair (W 7.84%) popped on Friday after it announced it was cutting 13% of its global workforce. As of 10:10 a.m. ET, Wayfair stock was up 11%.Why did the market respond positively to this?Wayfair CEO Niraj Shah summed up the problem by saying, "The reality is that we went overboard in hiring during a strong economic period." For an example of a strong economic period, consider that the company's revenue jumped from $9.1 billion to $14.1 billion in 2020. It buil ...

Struggling online retailer Wayfair on Friday said it will slash around 1,650 employees — or 13% of its global workforce of roughly 14,000 — just weeks after its billionaire CEO caused a stir by saying workers should log longer hours.Niraj Shah, the boss of the Boston-based furniture-selling e-commerce site, said the company needed to cut costs — its third round of layoffs since summer of 2022 –after going “overboard” on hiring during the pandemic.The layoffs come after Shah sent out a year-end note to staf ...

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. The company expects annual cost savings of over $280 million from the move, which is the latest in a string of cost-saving initiatives since August 2022. At last glance, W was up 11.3% at $56.66. The jump hasn't completely erased its 2024 deficit of 8.3%, though it does have the stock jumping above the 10-day moving average, w ...

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.“I think the reality is that we went overboard in hiring during a strong economic period and veered away from our core principles, and while we have come quite far back to them, we are not quite there,” Niraj Shah, CEO and co-founder of W ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

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. These Wayfair layoffs will also result in 13% of its corporate workers no longer having jobs with the furniture e-commerce business.Wayfair is expecting the layoffs to result in $70 million to $80 million in costs connected to severance a benefits. These charges will mostly be contained t ...

Wayfair is cutting about 13% of its global workforce, affecting approximately 1,650 employees, the company announced on Friday. The e-commerce home goods retailer said it expects the restructuring plan, which started in August 2022, to save more than $280 million. At the end of 2022, the company employed 17,505 workers, according to a March 2023 proxy statement."The changes announced today reflect a return to our core principles on resource allocation, such as getting fit on spans and layers as well as focu ...

Wayfair, the online home furnishings retailer, said it would be cutting 1,650 jobs, acknowledging that it “went overboard in hiring during a strong economic period.” ...