Furniture retailer Wayfair to cut 870 jobs

By Thomson Reuters Aug 19, 2022 | 6:49 AM

(Reuters) -Online furniture retailer Wayfair Inc said on Friday it would cut about 870 jobs, or 5% of its global workforce, as it looks to cut back operating expenses and realign investment priorities.

Shares of the company were down about 8% in premarket trading.

Wayfair pegged costs to be in the range of $30 million to $40 million, mainly due to employee severance and benefit expenses.

All of these costs are expected to be substantially in the third-quarter of 2022, the company said.

Earlier this month, the company reported a larger-than-expected second-quarter loss, hurt by soaring supply chain expenses and declining demand for furniture from pandemic-highs.

(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Anil D’Silva and Dhanya Ann Thoppil)