Online home-goods retail firm Wayfair is set to terminate more than 1,000 employees due to decline in its sales. This comes four months after the company had laid off 870 employees, which is roughly five per cent of its workforce, Bloomberg reported.
Wayfair has been struggling with declining sales for more than a year after revenue boomed during the early stages of the pandemic. The company’s shares have dropped by 75 per cent in the past one year.
Wayfair joins the likes of global giants like Twitter. Microsoft and Amazon who have laid off employees in recent times. On January 18, Microsoft said it is laying off 10,000 employees due to macroeconomic conditions and changing customer priorities. In an internal email to his employees, the technology giant’s chief executive officer Satya Nadella said he is confident that the company will emerge from this situation.
Not just Microsoft, e-commerce behemoth Amazon is laying off 18,000 employees including those in the United States, Canada and Costa Rica. The company is also terminating 2,300 employees in Seattle and Bellevue.
Several technology giants have been axing jobs across the globe, citing economic conditions due to the Covid-19 pandemic and the Russia-Ukraine war. Twitter’s new owner Elon Musk had slashed 50 per cent of the company’s staff after taking over in October last year. According to a Reuters report, the microblogging platform is mulling layoff in the product division of the company.
In November, Facebook’s parent company Meta had announced it would let go of more than 11,000 workers or 13 per cent of its workforce. The move came amid soaring costs and a weak advertising market. In his Facebook post, Zuckerberg had said he is ‘sorry’ and took accountability for the decisions.