Published 3 months ago

Wayfair and Macy's are cutting thousands of jobs as retail layoffs deepen

Wayfair, a furniture e-commerce company, is planning to cut 13% of its workforce, including 20% of the corporate team, to save an estimated $280 million annually. Layoffs have become common in various industries, including tech and retail.
Macy's, a veteran department-store chain, is also laying off about 3.5% of its workforce and closing five stores to streamline operations.
Wayfair and Macy's stocks had different responses, with Wayfair shares rising more than 7% while Macy's stock fell about 3%.

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Reuters

Retailer Wayfair jumps on job cut plans, upbeat 2024 core profit forecast

Wayfair (W.N), opens new tab said on Friday it would lay off 1,650 employees, or about 13% of its workforce, and forecast annual core profit above estimates, sending the online furniture retailer's shares up as much as 15%. The company said the job cuts, which affect 19% of its corporate employees, would lead to annual cost savings of $280 million.

3 months ago·United Kingdom

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Associated Press News

Wayfair, Macy's cutting thousands of jobs as retail layoffs deepen

NEW YORK — Retail layoffs are hitting especially hard this week.

3 months ago·United States

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USA Today

Macy's layoffs 2024: Department store is laying off over 2,000 employees, closing 5 stores

Macy's is laying off over 2,000 employees and closing five stores in an effort to redirect spending to improve the customer experience.

3 months ago·United States

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abc News

Wayfair and Macy's are cutting thousands of jobs as retail layoffs deepen

Layoffs are hitting the world of retail especially hard this week

3 months ago·United States

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CNN

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.

3 months ago·Atlanta, United States

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KRDO

Wayfair lays off 13% of its workforce weeks after telling employees to work harder

By Jordan Valinsky, CNN New York (CNN) — 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. CEO Niraj Shah, who recently went viral for telling his employees to work harder, said in an open letter posted Friday that Wayfair “went overboard in hiring during a strong economic period,” referencing 2020 when online shop…

3 months ago·Colorado Springs, United States

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