Wayfair Announces Major Workforce Reduction, Restructuring Costs

Wayfair (W) has released an update to notify the public and investors about termination and asset disposition expenses.

Wayfair has declared a significant workforce reduction of roughly 1,650 employees, which is about 13% of their total workforce and 19% of their corporate team. This move, aimed at restructuring the organization and cutting down on seniority levels, is anticipated to cost the company between $70 million and $80 million, primarily in severance and benefits. These charges are expected to be largely accounted for in the first quarter of 2024, excluding any non-cash charges from equity-based compensation, and the final costs may vary based on future circumstances.

For further insights into W financials, check out TipRanks’ Financials page.