Wayfair announced Friday that its laying off more workers as it continues to thin out management and become more agile in the current economic environment.
The company already axed 5% of its global workforce in August when it initiated its cost-efficiency plan in order to become more profitable.
The Wayfair Inc. website on a laptop computer arranged in Saint Thomas, Virgin Islands, U.S., on Thursday, Feb. 18, 2021. At the time, the company admitted that it scaled too quickly during the pandemic and that its team was too large for the current environment. The sentiment was reiterated with the latest cuts. These workforce reductions, though difficult, "are important decisions to get back to our 20-year roots as a focused, lean company premised on high ambitions and great execution," Shah added.
The move announced Friday will further help the company strengthen its "future without reducing its total without reducing our total addressable market, our strategic objectives, or our ability to deliver them over time," according to Shah. The company expects more than $1.4 billion in annualized cost actions from its cost efficiency plan. Both workforce reductions represent $750 million in annualized cost savings, the company said.
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