Wayfair shares surge after home goods retailer announces 1,650 job cuts, 13% of workforce

Wayfair is undergoing a significant restructuring as it aims to streamline its operations and reduce costs. As part of this restructuring, the company is laying off 13% of its global workforce, including 19% of its corporate team. The layoffs are the result of Wayfair’s efforts to eliminate layers of management and better align its structure with its core principles on resource allocation. The company expects these measures to save approximately $280 million. Despite the challenging revenue growth environment, Wayfair remains optimistic about its future.