The online furniture company has faced high costs to run its business.Suzanne Kreiter | Boston Globe | Getty ImagesThe online furniture retailer, which has more than 17,000 employees globally, said those affected include about 350 people at corporate headquarters in Boston.
Wayfair shares fell more than 9% Thursday. The stock has tumbled a little more than 24% in the past 12 months. Wayfair has a market value of about $8.2 billion. "We continually evaluate the needs of the business and work to increase efficiencies while aligning our teams with the initiatives that drive the greatest impact for our customers," the spokeswoman said in an emailed statement. "We remain as confident as ever in Wayfair's future."The company has yet to report a profit, and its quarterly losses have only mounted over the years. Until recently, it was still bulking up its hiring efforts, even with widening losses.
Wayfair has been criticized for the high costs to run its business. It ships items like sofas and coffee tables, which can be expensive — even more so if it the merchandise is returned. The company's spending on marketing, advertising and customer service has also been called into question. And Wayfair must compete with the likes ofWayfair is set to report fourth-quarter earnings, which include the holiday season, on Feb. 28.
Source: News Formal (newsformal.com)
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: POPSUGARFashion - 🏆 28. / 68 Read more »
Source: Newsweek - 🏆 468. / 52 Read more »
Source: MarketWatch - 🏆 3. / 97 Read more »
HuffPost is now a part of Verizon Media
Source: HuffPostWomen - 🏆 27. / 68 Read more »