Wayfair to Lay off 5% of Employees

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

The CEO previously admitted that it was 'unmistakable'

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that consumer behavior is being influenced by inflationary pressures

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Online furniture retailer Wayfair Inc. to cut its expenses

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About 870 employees are planned to be laid off.

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

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

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and represents approximately 10% of the corporate team.

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

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

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

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

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