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February 14, 2020updated 05 Nov 2021 11:39am

US furniture retailer Wayfair announces plans to cut 500 jobs

US online furniture retailer Wayfair has announced that it will reduce its workforce by around 3%, or roughly 500 jobs.

US online furniture retailer Wayfair has announced that it will reduce its workforce by around 3%, or roughly 500 jobs.

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The move is part of the company’s plan to lower its cost.

Headquartered in Boston, Massachusetts, Wayfair employs more than 16,000 people across North America and Europe. The lay-off will affect about 350 people at its corporate headquarters.

The news was first reported in Boston Globe.

Wayfair CEO Niraj Shah’s email to employees reads: “We find ourselves at a place where we are, from an execution standpoint, investing in too many disparate areas, with an uneven quality and speed of execution.

“Through two years of aggressive expansion, we no doubt built some excess, inefficiency, and even waste at times, in almost every area.”

Although its revenues surged by 37.5% to $6.6bn in the first nine months of 2019, the retailer could not make a profit.

Wayfair is facing high costs for importing furniture and home goods from China. It is also experiencing tough competition from firms such as Amazon, Crate & Barrel and Ikea.

The company will release its financial results for the fourth quarter of last year on 28 February 2020.

Earlier last year, Wayfair announced its plan to enter the physical retail sector with the opening of its first bricks-and-mortar store at the Natick Mall in Natick, Massachusetts.

Departmental store chain Kohl’s recently axed 250 employees and luxury store chain Macy’s also announced plan to close 125 stores in three years, which will affect up to 2,000 employees.

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Walmart: Going Beyond Company Disclosures

Walmart has rounded out its fiscal year with a strong set of numbers that show it has taken supply chain disruption, rising costs, heavy inflation, and various other problems in its stride. There is comfortable growth on both the top and bottom lines, which is extremely respectable given tough prior year comparatives. Walmart hiring is slowing down as compared to hiring in the months of April and March in 2022. Walmart posted close to 40,000 vacancies in March and 30,000 in April, which has gone below 10,000 in June 2022. Walmart Company Filings has most of the mentions related to the ESG and COVID-19 themes in 2021. ESG has more than 300 mentions in the company’s 2021 filings which indicates the rising focus on ESG-related issues. Our report on Walmart: Going Beyond Company Disclosures, demonstrates GlobalData Explorer’s ability to:  
  • Track and monitor a company’s movements through alternative indicators to gain insights into the strategy before it is disclosed by the company
  • Gain insight into a company’s capital deployment strategy, by assessing historical deal volumes and specific transactions executed by the company, in addition to identifying sectors of focus
  • Go beyond basic financial information, to access key industry-relevant indicators for a company and how these have progressed over time
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.