W - Why Are E-Commerce Company Wayfair Shares Surging Today? | Benzinga
Wayfair Inc (NYSE:W) shares are trading higher by over 15% after the company disclosed workforce reduction as a part of right-sizing its cost structure.
The company disclosed a job cut of around 1,650 employees, representing about 13% of its global workforce and about 19% of its corporate team, both as of December 31, 2023.
As a result of the job cuts, Wayfair expects to incur costs of around $70 million-$80 million, primarily of employee severance and benefit costs, most of which are expected to be incurred in the first quarter of 2024.
The move is projected to deliver annualized cost savings ...