Cleared the way for retrenchment of 5% of employees, the stock dropped

The CEO previously admitted that it was 'unmistakable'

that consumer behavior is being influenced by inflationary pressures

Online furniture retailer Wayfair Inc. to cut its expenses

About 870 employees are planned to be laid off.

The company said in a Friday morning filing with the Securities and Exchange Commission

That planned job cuts w, -14.86% of Wayfair's global workforce

and represents approximately 10% of the corporate team.

Wayfair also revealed that it plans to "substantially cut third-party labor costs."

Executives estimate that Wayfair will face severance, benefits and layoffs related to

Around other areas would cost about $30 million to $40 million in costs.

They expect to see "substantially all" of those expenses in the third quarter.