Wayfair Inc., a Boston-based e-commerce company that sells furniture internationally, announced on Friday that as part of a cost-saving plan it will cut 1,750 jobs, representing 10 percent of its entire global workforce.
In a statement on Jan. 20, the furniture retailer said the layoffs will include approximately 1,200 employees on the corporate team, which the company is decreasing by 18 percent.
Wayfair outlined a $1.4 billion cost-saving plan in August 2022 as it seeks to scale down on operating costs amid weakening demand for its furnishings and consumers cutting back sharply on retail spending.
The latest changes will save the company about $750 million annually, putting the business a little over halfway to its cost-saving goal, Wayfair said. “These changes reflect efforts to eliminate management layers and reorganize to be more agile,” the company stated….