TV News LIES

Thursday, Apr 18th

Last update02:57:41 AM GMT

You are here News Economy Wayfair lays off over 1,000 employees weeks after CEO told company to 'work longer hours'

Wayfair lays off over 1,000 employees weeks after CEO told company to 'work longer hours'

E-mail Print PDF
Wayfair layoffs

Online home goods retailer Wayfair announced Friday that it is laying off approximately 1,650 employees, representing about 13% of its global workforce, in a move that is expected to save the company more than $280 million annually.

"The changes announced today reflect a return to our core principles on resource allocation, such as getting fit on spans and layers as well as focusing on our highest priorities," Wayfair CEO and co-founder Niraj Shah said in the news release.

As a result, we're reducing team sizes across the organization, as well as reducing seniority in certain roles that we plan to rebuild with modified leveling over the course of this year," Shah said.lan to rebuild with modified leveling over the course of this year," Shah said.

In a note to his employees, Shah said the company "went overboard in hiring during a strong economic period and veered away from our core principles, and while we have come quite far back to them, we are not quite there." He also went on to say that COVID also contributed to the increase in hiring, "a time where the company's annualized sales grew from $9 billion to $18 billion "almost overnight," according to Shah.

More...

 


Most Recent Related Stories...


Trump's Truth Social shares are plunging again, erasing billions of dollars in value

Truth Social shares fall again About two weeks since its meteoric debut, shares of Truth Social are slumping, wiping out billions...

U.S. Employers Added Robust 303,000 Jobs In March In Sign Of Economic Strength

Labor Dept.America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their...

Biden hails ‘America’s comeback’ as 303,000 new jobs in March beat forecast

Biden hailed new job growth numbers The US workforce added 303,000 jobs last month, far more than expected and the 39th straight...

Wall Street braces for commercial real estate time bomb

Jerome Powell Remarks last week by Federal Reserve Chair Jerome Powell about a spate of coming bank failures...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!