Retail

Online furniture retailer Wayfair cuts 3% of workforce, stock skids

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A Wayfair employee works at his desk at the Boston headquarters of Wayfair on July 31, 2018.

Suzanne Kreiter | Boston Globe | Getty Images

Wayfair is cutting about 3% of its workforce, or roughly 500 jobs, a spokeswoman said Thursday.

The online furniture retailer, which has more than 17,000 employees globally, said those affected include about 350 people at corporate headquarters in Boston.

Wayfair shares fell more than 13% Thursday. The stock has tumbled a little more than 24% in the past 12 months. Wayfair has a market value of about $8.2 billion.

“We continually evaluate the needs of the business and work to increase efficiencies while aligning our teams with the initiatives that drive…



Source cnbc.com

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