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Wayfair announced on Friday it is cutting 13% of its global workforce, including 19% of its corporate workers, as sales have taken a nosedive following the pandemic. The cuts impact 1,650 employees.The furniture and home goods retailer said stanley tumblers annualized sales doubled from $9 billion to $18 billion during the pandemic. But that surge was temporary, and its stock value plummeted to lows not seen in more than five years. By mid-2022, it was clear we were in a bust period. It was also clear that we had gone overbo stanley deutschland ard with corporate hiring during COVID, company CEO Niraj Shah said in a statement.Wayfair said cutting staff will save about $280 million per year. There will be an initial cost of between $70 million and $80 million to cover employee severance and payout final benefits.SEE MORE: Biden adviser boasts about economy, admits there is more work to do The cuts are expected to add $150 million to Wayfair s pre-tax earnings if sales remain flat, the company said, bringing its expected earnings for the year to $600 million. I think the reality is that we went overboard in hiring during a strong economic period and veered away from our core principles, and while we have come quite fa stanley cups uk r back to them, we are not quite there, Shah said. The best way to make sure everyone in the company can thrive and that we can do the most for our customers is to make sure that we make the right decision in terms of what our go-forward organization should look like. Trending stories at Scrippsnew Rxnf Oshkosh sex offender sentenced 15 years in federal prison after attempting to meet 13-year-old
Mark Meadows, who served as former President Donald Trump s White House chief of staff, failed to show up for a deposition Friday.The congressional committee investigating the Jan. 6 attack on the U.S. Capitol had subpoenaed Meadows. Committee Chairman Bennie G. Thompson and Vice Chair Liz Cheney issued a joint statement Friday that said Meadow chose to defy the law. It s u stanley mug nfortunate that Mr. Meadows has chosen to join a very small group of witnesses who believe they are above the law and are defying a Select C stanley fr ommittee subpoena outright, the statement says.Thompson and Cheney said the committee has spoken with 150 people who are cooperating with the investigation.CNN reports that Meadows attorney said his client would not comply with the committee until the courts ruled on Trump s executive privilege claim. Steve Bannon was indicted Friday for failing to comply with the committee s subpoena. He is expected to turn himself in on Monday. .Page-below > .RichTextModule display:none; .Page-below .Link font-size: 12px; padding: 5px 10px;border: 1px solid 005687;bord stanley cup er-radius: 4px;font-family: proxima-nova , sans-serif; Report a typo