this post was submitted on 19 Jan 2024
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297
Wayfair lays off 13% of its workforce weeks after telling employees to work harder (www.cnn.com)
submitted 10 months ago by [email protected] to c/[email protected]
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Wayfair lays off 13% of its workforce weeks after telling employees to work harder::Wayfair is laying off 1,650 employees, amounting to 13% of its global workforce, as the online home goods retailer struggled to rebound following its success amid pandemic lockdowns.

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[–] [email protected] 5 points 10 months ago

This is the best summary I could come up with:

Wayfair is laying off 1,650 employees, amounting to 13% of its global workforce, as the online home goods retailer struggled to rebound following its success amid pandemic lockdowns.

Wayfair had flourished at the beginning of the pandemic, when demand for swanky furniture and other home decor upgrades was so hot that it helped bottleneck global supply chains and caused lengthy shipment delays.

Inflation has left high prices in its wake, and middle-income shoppers have pulled back their discretionary purchases to focus on paying for necessities like groceries, gas and rent.

Wealthier customers have shifted their spending from furniture and other goods to travel and services, and mortgage rates remain high, cutting into demand for new homes.

Late last year, Wayfair’s Shah garnered attention for his blunt year-end letter to his employees telling them to blend work and life together.

I believe that most of us, being ambitious individuals, find fulfillment in the joy of seeing our efforts materialize into tangible results,” Shah said in a note to employees earlier this month celebrating the company’s recent success.

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