February 14, 2020
Online furniture and home décor retailer Wayfair, Boston’s fastest-growing tech company, said Thursday it would lay off 550 employees worldwide, including 350 at its Copley Place headquarters. The layoffs, affecting 3% of the company’s global workforce, are reportedly part of a broader restructuring intended to increase efficiency.
Chief executive Niraj Shah told employees the company had grown too quickly. “Through two years of aggressive expansion, we no doubt built some excess, inefficiency and even waste at times, in almost every area,” Shah wrote in an e-mail to employees.
The Boston Globe reported that Wayfair had been on such a hiring blitz over the past several years that its employees often waited in line for the escalators up to its offices in Simon Property Group’s Copley Place mall. The company expanded into a second office building last summer.
Shares of Wayfair closed down 14.1% Thursday on news of the job cuts.
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