Shares of Wayfair Inc. jumped 5.1% in premarket trading Friday, after the online home furnishings seller said it was laying off 1,750 employees, or 10% of...
Shares of Wayfair Inc. W jumped 5.1% in premarket trading Friday, after the online home furnishings seller said it was laying off 1,750 employees, or 10% of its workforce, as part of a cost-cutting plan. The company said the jobs cuts will include 1,200, or 18%, of corporate employees, as it looks to eliminate management layers. Wayfair expects to record charges of $68 million to $78 million, mostly in the first quarter, for severance and benefit costs.
1% in premarket trading Friday, after the online home furnishings seller said it was laying off 1,750 employees, or 10% of its workforce, as part of a cost-cutting plan. The company said the jobs cuts will include 1,200, or 18%, of corporate employees, as it looks to eliminate management layers. Wayfair expects to record charges of $68 million to $78 million, mostly in the first quarter, for severance and benefit costs.
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