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Wayfair To Cut About 1,650 Jobs Or 13% Of Global Workforce; Stock Up 15%
(RTTNews) - e-commerce company Wayfair, Inc. (W) revealed in a Form 8-K filing with the U.S. Securities and Exchange Commission that it is implementing a workforce reduction involving approximately 1,650 employees, representing approximately 13% of its global workforce and approximately 19% of its corporate team, both as of December 31, 2023.
The company said these changes reflect efforts to reshape the organization by streamlining its structure and reducing seniority levels across departments.
As a result of this workforce reduction, the company expects to incur between approximately $70 million and $80 million of costs, consisting primarily of employee severance and benefit costs, most of which are expected to be incurred in the first quarter of 2024.
The foregoing estimated amounts do not include any non-cash charges associated with equity-based compensation.
The Company added it may also incur charges and expenditures not currently contemplated due to unanticipated events that may occur in connection with the reduction.
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