news/GOOG/2023.01.20/Furniture retailer Wayfair to cut 1,750 jobs to save costs.txt

Jan 20 (Reuters) - Online furniture retailer Wayfair Inc
said on Friday it will cut 1,750 jobs, or 10% of its
workforce, in a cost-saving drive at a time when persistently
high inflation has pressured consumer spending.The news sent its shares as much as 26% higher to an over
four-month high of $48.94 amid broader market gains.The Boston-based retailer joins a growing list of U.S.
companies - from tech giants such as Alphabet Inc and
Microsoft Corp to home goods retailer Bed Bath & Beyond
Inc - that have slashed their workforce and reined in
spending to ride out the economic downturn.On Friday, Wayfair said the job cuts will affect 18% of its
corporate workforce, or about 1,200 employees. The company said
in August it will cut 870 jobs.It had previously outlined a $1.4 billion cost-saving plan
to scale down on operating costs amid weakening demand for its
furnishings. Including the August workforce reduction, the
company said on Friday the labor portion of the plan represents
about $750 million in savings."It's a move in the right direction to realign the company's
cost structure for today's environment," said senior analyst
Anna Andreeva from Needham & Co Inc, adding that Wayfair is
becoming more flexible and agile.The Wall Street Journal first reported the layoffs on
Thursday.Wayfair had 16,681 full-time equivalent employees as of Dec.
31, 2021, according to a regulatory filing.
(Reporting by Granth Vanaik in Bengaluru; Editing by Savio
D'Souza, Shinjini Ganguli and Devika Syamnath)