(Reuters) – Online furniture retailer Wayfair Inc said on Friday it will cut 1,750 jobs, or 10% of its workforce, as part of its cost savings plan at a time when consumers are selective with their discretionary purchases.
Shares of the company rose about 6% to $41.06 in premarket trade.
The Boston-based retailer joins a growing list of companies, from tech giants such as Alphabet Inc and Microsoft Corp to home goods retailer Bed Bath & Beyond Inc, who are slashing their workforce to rein in costs to ride out of the economic downturn.
The company said the job cuts will affect about 1,200, or 18% of corporate employees, among others.
It cut 870 job cuts in August, including which cost savings will add up to $750 million.
(Reporting by Granth Vanaik in Bengaluru; Editing by Savio D’Souza and Shinjini Ganguli)
