Wayfair is cutting hundreds of jobs as it seeks to become more profitable
Wayfair CEO Niraj Shah told employees in a note Friday that he overestimated e-commerce growth in the home category and takes responsibility for the layoffs. "We were seeing the tailwinds of the pandemic accelerate the adoption of ecommerce shopping, and I personally pushed hard to hire a strong team to support that growth," Shah said. "This year, that growth has not materialized as we had anticipated.
The Wayfair Inc. website on a laptop computer arranged in Saint Thomas, Virgin Islands, U.S., on Thursday, Feb. 18, 2021. As part of its process to get back on track this fall, Shah said the company is thinning out management, better aligning its work with its strategic priorities and adjusting areas that have grown faster than its "current revenue trajectory can support."
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