Wayfair, an online home goods retailer, is laying off 1,650 employees, about 13% of its workforce, due to challenges in rebounding from its pandemic success.
CEO Niraj Shah cited over-hiring during the strong economic period in 2020, leading to a bust period in mid-2022.
Shah wrote, “I believe we need to stay focused as a company on what committed small teams can accomplish.”
“In many ways, having too many great people is worse than having too few,” his letter continued.
Wayfair lays off 13% of employees weeks after CEO told workers to log more hours https://t.co/kO93M4xmH2 pic.twitter.com/6xpsJmR88B
— New York Post (@nypost) January 19, 2024
The layoffs, expected to save $280 million annually, will particularly impact the corporate team.
Wayfair’s initial pandemic success has shifted due to factors like inflation and changing consumer spending habits.
Last year, Shah wrote, “Winning requires hard work. I believe that most of us, being ambitious individuals, find fulfillment in the joy of seeing our efforts materialize into tangible results.”
“Working long hours, being responsive, blending work and life, is not anything to shy away from. There is not a lot of history of laziness being rewarded with success,” he continued.
Shah has emphasized the importance of focused, small teams and encouraged employees to blend work and life, while also urging them to consider company spending as their own.
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