Wayfair is cutting nearly 900 jobs, or about 5% of the once-hot online retailer's global workforce
The company said in a regulatory filing that the cuts will help it"manage operating expenses and realign investment priorities." Shares fell about 14% in early trading Friday.CEO Niraj Shah wrote in an letter to employees that the layoffs were a"difficult decision" resulting from Covid-19.
Inflation has tapped out lower and middle-income shoppers, who have pulled back their discretionary purchases to focus on paying for necessities like groceries, gas and rent. Wealthier customers have shifted their spending from furniture and other goods to travel and services. Mortgage rates have climbed significantly, cutting into demand for new homes.These macro trends have hit consumer spending hard, and along with retailers like Target, Wayfair has struggled.
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