BOSTON (CBS) – Wayfair is laying off about 350 people in Boston, the company said Thursday. The online furniture retailer’s headquarters are in Copley Square, where about 6,000 employees work.
“To position the organization to take advantage of the opportunity ahead, we continually evaluate the needs of the business and work to increase efficiencies while aligning our teams with the initiatives that drive the greatest impact for our customers,” a spokeswoman for Wayfair told WBZ-TV. “As part of that process, we have made some organizational changes that affect approximately three percent of our global workforce.”
Wayfair has more than 17,000 employees across the world. The company said it is continuing to hire for many jobs.
Despite a surge in profits last year, Wayfair’s stock has been in a steady decline since June, and dropped 14% just today.
A Wayfair employee, who did not want to be identified, told WBZ-TV that she thought the company may have over-hired in the wake of last year’s profits.
Last June, a large number of Wayfair employees in Boston organized a walkout to protest the company’s decision to sell furniture to detention camps for migrant children.
Wayfair opened its first full-service physical store in the Natick Mall in August.