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Online furniture retailer Wayfair to cut 1,650 jobs to trim costs

Reuters · 1y ago

Online furniture retailer Wayfair to cut 1,650 jobs to trim costs

Online furniture retailer Wayfair announced that it will lay off approximately 1,650 employees, accounting for 13% of its global workforce, in an effort to reduce costs. The job cuts are expected to result in annualized cost savings exceeding $280 million. Wayfair had previously announced plans to cut 1,750 jobs in the previous year. As of the end of 2022, the company had a global workforce of about 17,505 employees.

Related News

Went overboard in hiring…..: Wayfair's Indian-origin CEO Niraj Shah

Livemint

Livemint · 1y ago

Went overboard in hiring…..: Wayfair's Indian-origin CEO Niraj Shah

Wayfair, the online furniture retailer, announced that it will lay off 1,650 employees, or about 13% of its workforce, in a bid to maximize its free cash flow. The job cuts are expected to result in annual cost savings of $280 million. CEO Niraj Shah admitted that the company had over-hired during a strong economic period and needed to realign its focus. Wayfair aims to deliver over $600 million in adjusted EBITDA in 2024, exceeding analyst expectations.

The pandemic’s E-commerce stars are coping

Livemint

Livemint · 1y ago

The pandemic’s E-commerce stars are coping

Retailers that thrived during the pandemic, like Peloton, Carvana, Wayfair, and Chewy, are now facing challenges as their sales and market capitalizations have sharply declined. To manage the setback, they have implemented cost-cutting measures, such as reconditioning services and reducing advertising expenses. Carvana completed a debt exchange to reduce interest expenses, while Wayfair plans to cut costs by $1 billion. Peloton has taken drastic steps, including layoffs, outsourcing, and price reductions. However, the future remains uncertain as the pandemic may have accelerated demand for certain products, and competition from traditional retailers has increased.

IKEA looking for next phase of investment in India, aims profitable growth: CEO Susanne Pulverer

YourStory

YourStory · 4m ago

IKEA looking for next phase of investment in India, aims profitable growth: CEO Susanne Pulverer

Swedish furniture retailer Ikea is expanding its presence in India by launching online sales in Delhi-NCR and planning new stores in Gurugram and Noida by 2028. After establishing stores in major cities like Hyderabad, Mumbai, and Bengaluru, Ikea aims for physical presence in Chennai and Pune, shifting towards a smaller store model and omnichannel strategy. Despite initial losses, Ikea plans for profitable growth while optimizing space usage to manage real estate costs.

Sleepwell parent to acquire Kurl-On and Furlenco for Rs 2,035 crore

Economic Times

Economic Times · 1y ago

Sleepwell parent to acquire Kurl-On and Furlenco for Rs 2,035 crore

Sheela Foam has signed a deal to acquire a 35% stake in online furniture retailer Furlenco furniture for Rs 300 crore. The acquisition of a 95% stake in Kurlon Enterprises values the latter at Rs 2,150 crore. The company plans to complete the buyout by November this year. The acquisition will see Sheela Foam having a pan-India presence and diversification in the customer base.

Pepperfry to ramp up frachise-led expansion, says CEO Ashish Shah

Livemint

Livemint · 1y ago

$Pepperfry to ramp up frachise-led expansion, says CEO Ashish Shah$

Pepperfry, the online-offline furniture retailer, plans to focus on franchise partners in smaller cities to control costs and achieve profitability. The company, which operates over 180 stores, is also reassessing its plans for an IPO due to uncertain markets. CEO Ashish Shah stated that customer demand has improved recently, prompting hopes for a recovery. Pepperfry aims to open 50 new franchise-operated stores in non-metros over the next nine months. Currently, both online and offline channels contribute equally to sales, but the company expects offline sales to increase with the expansion of its store network.

Amazon to fire hundreds working in Alexa department

Economic Times

Economic Times · 1y ago

Amazon to fire hundreds working in Alexa department

Amazon plans to cut several hundred jobs in its Alexa division, primarily in research and development, according to sources. While the exact number of job cuts is yet to be determined, this move is expected to impact temporary workers as well as full-time employees. Amazon's decision to trim its workforce in the Alexa division is likely due to a shift in prioritization within the company and a slowdown in device sales growth.

Awfis expands into furniture biz to tap new revenue stream, cut costs

Entrackr

Entrackr · 7h ago

Awfis expands into furniture biz to tap new revenue stream, cut costs

Awfis expands into furniture biz to tap new revenue stream, cut costs Co-working solutions provider Awfis has entered the business of manufacturing and selling furniture, marking a notable diversification from its core co-working space operations. This move follows shareholder approval for amending the company’s Memorandum of Association to include this new line of business. The company said the expansion is aimed at reducing costs associated with setting up and furnishing its coworking centres through vertical integration. By manufacturing and sourcing furniture in-house, Awfis expects to achieve significant cost savings and improve operational efficiencies. Awfis also plans to offer complete office furniture and furnishing solutions to third-party clients. According to the filing, the company will now be able to produce, import, export, trade, and repair all kinds of furniture and related items, including carpets, rugs, curtains, blinds, glass goods, woodwork, and home decor products. The amended object clause gives Awfis the flexibility to operate as a manufacturer, retailer, wholesaler, stockist, agent, and service provider for furniture made from a wide variety of materials such as wood, steel, plastic, leather, fibre, and more. It also opens up opportunities in ancillary services like cleaning, upholstery, packing, and moving, according to the company’s disclosure. In the last quarter (Q4 FY25), Awfis saw a 47% year-on-year increase in its revenue to Rs 340 crore, compared to Rs 232 crore in the same quarter last year. Its profit also jumped 8X to Rs 11.2 crore during this period. For the full year FY25, the company reported Rs 1,208 crore in revenue and a profit of Rs 68 crore. Awfis is currently traded at 644.20 (as of 10.41 AM) with a total market capitalization of Rs 4,593 crore ($540 million).

Microsoft to Lay Off 305 Redmond Employees August 1, Following 6,000 Global Cuts; Washington Total Nears 2,300 | DeepNewz Business

Business Bytes

Business Bytes · 1m ago

Microsoft to Lay Off 305 Redmond Employees August 1, Following 6,000 Global Cuts; Washington Total Nears 2,300 | DeepNewz Business

Tech giant Microsoft is set to lay off more than 300 Redmond employees on August 1, as part of its ongoing measures to trim costs. This follows the company's recent global reduction of 6,000 jobs, despite heavy investment in AI initiatives. The layoffs reflect a trend within the tech industry, where companies are adapting to budget constraints while simultaneously pursuing advancements in artificial intelligence and other technological areas.

Indian-American Wayfair CEO bats for ‘longer work hours’, netizens fume

Livemint

Livemint · 1y ago

Indian-American Wayfair CEO bats for ‘longer work hours’, netizens fume

Wayfair CEO Niraj Shah is facing backlash after encouraging employees to embrace longer work hours and blend work with life. His end-of-year message sparked outrage online, with many calling for all Wayfair workers to resign. Shah urged employees to find a balance between personal and professional efforts, emphasizing that hard work is necessary for success. However, the controversial remarks have sparked criticism and raised concerns about work-life balance.

Paytm may remove 5,000-6,300 employees, says report

Business Today

Business Today · 1y ago

Paytm may remove 5,000-6,300 employees, says report

Paytm, facing growing losses, plans to cut 5,000-6,300 jobs to save Rs 400-500 crore. In FY23, it had 32,798 employees, with 29,503 actively working. Employee costs rose by 34% year-on-year to Rs 3,124 crore. The company's net loss was Rs 550 crore in Q4. Despite challenges, Paytm aims to optimize costs and achieve profitability by FY26.

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