The online furniture company Wayfair announces layoffs.
Home retailer Wayfair, whose brands include Joss & Main, Birch Lane and All Modern, is the latest retailer to slash jobs as part of a reorganization.
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The company is laying off 550 workers, according to The Boston Globe, with 350 of those jobs located at the Boston headquarters.
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The stock tumbled on the news and has fallen over 20 percent during the 52 weeks.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| W | WAYFAIR INC. | 86.06 | -9.62 | -10.05% |
Wayfair, which describes itself as one of the world’s largest online retailers, posted a loss of $2.23 per share in the third quarter, which was larger than expected. Revenue rose 35.9 percent to $2.3 billion.
The company follows Kohl’s, which on Wednesday announced it was cutting 250 roles at the executive level.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KSS | KOHL’S CORP. | 44.34 | -1.02 | -2.25% |
| BBBY | BED BATH & BEYOND INC. | 11.73 | -0.06 | -0.51% |
KOHL’S CUTTING 250 EXECUTIVE ROLES
Kohl’s along with J.C. Penney also reported disappointing holiday sales last month, and on Tuesday Bed Bath & Beyond did the same, with the company’s new CEO Mark Tritton saying the company was “experiencing short-term pain.”
MACY’S CLOSING OVER 200 STORES
As the retail environment becomes more competitive, stores are being forced to pivot strategies or close locations. In the past several weeks Macy’s and Pier 1 became the latest retailers to announce store closings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| M | MACY’S INC. | 16.64 | -0.35 | -2.09% |
| PIR | PIER 1 IMPORTS | 3.56 | +0.01 | +0.28% |
Wayfair did not immediately return FOX Business’ request for comment.
