Online marketplace Etsy to slash 140 more jobs
US-based artisan and handmade goods online marketplace Etsy is set to cut around 140 positions or approximately 15% of its current workforce.
The latest decision comes after an earlier round of job cuts last month.
The two rounds will see a total reduction of around 230 employees, which amounts to nearly 22% of the company’s workforce at the end of last year.
Etsy CEO Josh Silverman said: "In order to drive focus, we took decisive steps to double down on the fewest, highest-impact initiatives in our core marketplace while de-prioritising other projects and streamlining our resources.
“We are moving forward with a more nimble structure that supports our current business needs and allows for faster execution so we can better serve creative entrepreneurs around the world."
The positions affected primarily include marketing, product management, and general and administrative jobs, with most of the cuts being enforced in the company’s Brooklyn headquarters.
Etsy noted that it is focused on buyer acquisition initiatives with brand marketing initiatives postponed for the rest of the year.
It expects to incur employee severance charges and other exit costs of $6m to $8.8m in connection with the latest announcement.
This is in addition to around $6.5m to $8m the company expects to incur for the job cuts declared last month.