(Reuters) -Online furniture retailer Wayfair Inc said on Friday it would cut about 870 jobs, or 5% of its global workforce, as it looks to cut back operating expenses and realign investment priorities.
Shares of the company were down about 8% in premarket trading.
Wayfair pegged costs to be in the range of $30 million to $40 million, mainly due to employee severance and benefit expenses.
All of these costs are expected to be substantially in the third-quarter of 2022, the company said.
Earlier this month, the company reported a larger-than-expected second-quarter loss, hurt by soaring supply chain expenses and declining demand for furniture from pandemic-highs.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Anil D’Silva and Dhanya Ann Thoppil)
