On Thursday, the Wall Street Journal, citing people familiar with the matter reported that the American online furniture retailer Wayfair Inc is planning to lay off over 1,000 workers, or more than 5% of its workforce.
Wayfair joins an increasing list of U.S. companies – ranging from tech giants and Wall Street banks to food delivery firms – which are downsizing their workforce in the wake of worries of an economic downturn.
The company did not immediately respond to a Reuters request for comment.
In August, the company said it was snipping about 870 jobs, or about 5% of its total workforce around the world at that time, in a bid to reduce operating costs in the middle of waning demand for furniture and home decor from pandemic highs.
The online home-goods retailer has struggled with sales declining for more than a year after revenue boomed during the early stages of the pandemic when US shoppers spent on fixing up their houses, Bloomberg reported.
Wayfair’s shares have fallen about 75% in the past 12 months.
Microsoft will also lay off 10,000 workers as slowdown hits Software Business. On the other hand, Amazon. com Inc. is set to begin a round of layoffs ultimately affecting more than 18,000 employees in the largest job cull in its history, which it announced earlier this month.
The layoffs come as the retailer grapples with slowing online sales growth and braces for a possible recession affecting the spending power of its customers.
Bengaluru-based cab aggregator Ola Cabs has laid off employees from some of its verticals as part of a “restructuring exercise”.
On Wednesday, Financial technology firm Pagaya Technologies Ltd said it was laying off nearly 20% of its employees across its offices in the United States and Israel.
Cloud computing giant Salesforce has also said it was eliminating about 10 per cent of its workforce, or just under 8,000 jobs, and closing several offices.
