Wayfair And Macy’s Cutting Thousands Of Jobs
January 19, 2024 9:56AM PST
Credit: MGN
NEW YORK (AP) — Layoffs are hitting the world of retail especially hard this week.
Online furniture seller Wayfair is cutting about 1,650 jobs, or 13% of its global workforce.
And Macy’s is laying off about 3.5% of its total headcount, which amounts to roughly 2,350 employees, while the iconic department giant closes five stores.
Job cuts have taken a toll on workers across various industries — including retail, tech, media and hospitality — over the last few years.
In recent months, layoffs have been announced at Google, Amazon, Hasbro, LinkedIn and more.
Macy’s stock was down about 3% as of 11 a.m. ET Friday.
Meanwhile, Wayfair shares were up more than 7%.
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