Online retail giant Wayfair recently announced additional job cuts. The ongoing restructuring is a strategic move aimed at realigning the company's operations with its long-term goals and market conditions. Approximately 1,650 employees, accounting for around 13% of the global workforce and 19% of the corporate team, are set to be dismissed.
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The decision, part of a broader organisational analysis, aims to align the team size and structure with the company's core principles of resource allocation. This move is anticipated to result in annual cost savings exceeding $280 million.
Expressing gratitude to departing employees, CEO, co-founder, and co-chairman Niraj Shah acknowledged their significant contributions to Wayfair and its customers. He acknowledged the impact on the affected individuals and expressed regret over the situation.
Addressing the challenging revenue growth environment, Shah shared optimism regarding the company's continued share gains. He outlined that, with the rebuilt roles considered, Wayfair expects to achieve over $600 million in adjusted EBITDA in 2024.
Source: www.furniturenews.net