Order volume begins to increase! Wayfair will lay off employees again to reduce operating costs!

Online furniture retailer Wayfair will cut 1,750 jobs, or 10% of its global workforce, as part of a $1.4 billion cost-cutting plan to reduce operating costs amid falling demand for furniture, the retailer said. Wayfair said the restructuring, which included the layoff of 870 employees in August, would save $750 million in annual costs.

“While difficult, these are important decisions that return us to our 20-year roots as a focused, lean company built on ambition and exceptional execution,” said Niraj Shah, CEO, co-founder and co-chairman of Wayfair.

“The changes announced today strengthen our future without degrading our total addressable market, our strategic objectives, or our ability to achieve them over time. In hindsight, similar to our technology peers, we expanded our spend too quickly over the past few years. The good news for Wayfair is that we have been operating in a highly productive and efficient manner for the vast majority of our 20-year history, and we are simply returning to that state now.”

Wayfair also announced that its total revenue in December improved year-over-year. Shah added: "We are encouraged by our recent revenue performance, especially the growth momentum of orders. As our core products are strengthened in key aspects such as availability, speed and price, our market share continues to increase."

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