BOSTON - In a strategic move to improve financial performance amid market pressures, Wayfair (NYSE:W) Inc. has announced a substantial reduction in its workforce. Today, the company disclosed plans to eliminate around 1,650 managerial positions, a decision anticipated to result in over $280 million in savings. Following the announcement, Wayfair's stock experienced a significant uptick, with a 15% rise in pre-market trading.
The layoffs are part of a broader effort by the online furniture and home-goods retailer to streamline operations and strengthen its financial outlook. Wayfair expects these measures to contribute to a projected adjusted EBITDA of $600 million for the upcoming year. The company is taking these steps in response to the current economic environment, which has compelled many businesses to reevaluate their cost structures and long-term strategies.
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