Furniture retailer Wayfair will cut 870 jobs, constituting 5% of its workforce

The company’s shares were down nearly 8% in premarket trading. Wayfair estimated costs of $30 million to $40 million, primarily due to employee severance and benefits expense.

All these costs are expected to be substantially covered in the third quarter of 2022, the company said.

Earlier this month, the company reported higher-than-expected losses in the second quarter, hurt by rising supply chain expenses and declining demand for furniture from the pandemic-high.

This story has been published without modification in text from a wire agency feed. Only the title has been changed.

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