BOSTON, Ma (WBZ) — The Boston based company Wayfair is laying off 550 employees.
The company’s CEO says the layoff will lower costs and improve efficiency.
According to CNN sources, the company shares fell ten percent Thursday after the announcement. And company reports show that sales growth at Wayfair slowed down in recent quarters.
Sources say Wayfair also had to deal with a higher cost of importing furniture and home goods from China.
Wayfair is the latest retailer to announce job cuts. Macy’s said last week it will eliminate two thousand jobs and close 125 stores over the next three years.