Wayfair Inc. is cutting hundreds of jobs as it seeks to become more profitable, the retailer said on Friday.
Approximately 870 jobs will be cut. This represents 5% of its global workforce and 10% of its corporate teams, the company said.
Wayfair CEO Niraj Shah told employees in a note Friday that he overestimated e-commerce growth in the home category and takes responsibility for the layoffs.
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"We were seeing the tailwinds of the pandemic accelerate the adoption of ecommerce shopping, and I personally pushed hard to hire a strong team to support that growth," Shah said. "This year, that growth has not materialized as we had anticipated. Our team is too large for the environment we are now in, and unfortunately we need to adjust."