USA: Wayfair eliminates almost 900 jobs

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Wayfair announced Friday that it is eliminating 5%, or close to 900, of its global workforce.

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The home goods company in Boston will eliminate about 870 jobs.

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Wayfair reported a 55% increase in sales in 2020 as more people needed furniture.

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However, Wayfair's sales fell 3.1% last year.

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Wayfair CEO Niraj Shah stated in a letter to employees on Friday:

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"I take responsibility for the impact this decision will have on the nearly 900 Wayfairians,"

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Who will be told today they are no longer a part of building our company's future,"

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In the third quarter, the company expects to incur costs associated with the cuts of

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Between $30 million and $40 million, most of which will be employee severance and benefits.

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Shares of Wayfair decreased 13% in early Friday trading.

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