Furniture retailer Wayfair to cut 870 jobs

[August 19, 2022]  (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.

Traders wait for the Wayfair IPO on the floor of the New York Stock Exchange October 2, 2014. REUTERS/Lucas Jackson/File Photo

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)

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