Wayfair Boss Lays Off 13% of Staff, Weeks After Viral Memo.

Wayfair, an online retailer that primarily sells furniture and home goods, is laying off 13% of its employees, totaling around 1,650 people. CEO Niraj Shah stated that the company had hired excessively during a strong economic period and had strayed from its core principles. Wayfair has previously conducted large layoffs in recent years as furniture sales declined due to the pandemic. The layoffs are expected to generate annual savings of about $280 million for the company. [Extracted from the article]