Wayfair and Macy's Announce Major Layoffs

Retail giants cut jobs amid restructuring plans, with Wayfair's CEO citing over-hiring during the pandemic as a key factor.

Wayfair is laying off about 1,650 jobs, or 13% of its global workforce, as part of a restructuring plan to reduce team sizes and seniority in certain roles.
Macy’s is laying off roughly 2,350 employees, or about 3.5% of its total headcount, and plans to close five stores.
Wayfair's CEO, Niraj Shah, attributes the layoffs to over-hiring during a strong economic period and the COVID-19 pandemic.
The layoffs at Wayfair are expected to bring annualized cost savings of more than $280 million.
Other large companies across multiple sectors, including Google and Amazon, have also recently announced layoffs.