"Wayfair CEO Faces Backlash as Company Cuts 13% of Workforce"

Wayfair, an online furniture seller, has announced the layoff of 1,650 employees, about 13% of its workforce, aiming to achieve annual cost savings of $280 million. The company's Indian-origin CEO, Niraj Shah, attributed the decision to an overzealous hiring approach during a strong economic period, deviating from core principles. Wayfair anticipates enhanced profitability in 2024 through optimized payroll and increased efficiencies in logistics and advertising spend, following a drop in net revenue due to pandemic-related shifts in consumer spending.