Wayfair and Macy’s have laid off workers on Friday and Thursday. This is a vast retail layoff. Wayfair has cut 13 percent of its workforce, while Macy’s has cut roughly 3.5 percent of its global employees. Macy’s has also announced the closure of iconic stores in five locations nationwide.
Online furniture retailer Wayfair announced that it was cutting roughly 1,650 jobs. CEO and co-founder Niraj Shah had asked employees to work harder and save the company costs. The CEO has axed jobs and said the company plans to “rebuild with modified leveling.”
Shah said they had gone overboard while hiring when the economy was more robust. Wayfair has been cutting jobs for the past year. In January 2023, it cut 1,750 jobs, about 10 percent of its workforce then. It had cut 870 jobs in August 2022 and 550 jobs in 2020.
Wayfair said the recent job cuts are expected to save the company over $280 million annually. It has also been estimated that restructuring would cost the company $70 million to $80 million, mainly for employee severance pay, and it would take place in quarter one of 2024.
Wayfair shares rose by over 7 percent after the Friday announcement.
On Thursday, Macy’s announced a cut in its workforce. The Wall Street Journal first reported the news. The global layoffs amount to roughly 2,350, 3.5 percent of its workforce across corporate offices and stores. Some jobs are expected to be automated, and some roles are expected to be moved offshore.
The 166-year-old department store is overhauling its private-label brands. It also plans to open smaller stores outside malls as it shutters larger ones in malls.
Macy’s will be shuttering stores in early 2024 in the following locations
Arlington, Virginia
San Leandro, California
Lihue, Hawaii
Simi Valley, California, and
Tallahassee, Florida.
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