Wayfair lays off 13% of its workforce weeks after telling employees to work harder::Wayfair is laying off 1,650 employees, amounting to 13% of its global workforce, as the online home goods retailer struggled to rebound following its success amid pandemic lockdowns.
Shares of Wayfair (W) soared nearly 16% in premarket trading.
Close call! I thought the poor shareholders would be affected. All is good in the world again.
You do know a majority of investments are people’s retirement savings? Pension providers compete with each other to offer the best returns, moving to the shares that offer the best outlook for dividends and growth; we are the snake eating its own tail. If you want to one day save up for retirement, you are are a part of this.
Pension providers compete with each other to offer the best return
Boy do I have news for you. Most retail investora want flashy charts, and they will pay higher fees to see them. They have no idea what they are charged or how it affects their returns.
What does that have to do with my argument?
Stop mugging yourself off.
It’s sad that the poorer part of our population can’t save for retirement. I wish it was different.
But I think you’re implying that because wealthy people can save more, it’s ok if wealthy people lose their savings. If that is truly the case, I don’t think we will gain much from a debate on that topic - and I actually don’t think it changes my point above anyway.
I’m not 100% ok what you mean when you suggest I stop mugging myself off. Are you implying that I’m naive about who holds pensions? I’m not - it’s obviously the more well off that can afford to save more.
But I would caution a little bit against taking an absolutist view on this. Someone on minimum wage saving 10% of their income into a retirement fund will inevitably end up with a smaller position (in absolute terms) than someone on a six figure salary. In relative terms they might be in very similar positions though.
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I get extra money, I buy shit I don’t want to budget for. That’s furniture for a lot of people. Also we’re hitting the point where people are finding out just how shitty their stuff is because they’ve owned it a couple years.
We’re hitting the point where people are finding out just how shitty their stuff is because they’ve owned it a couple years.
I think this is the big thing. My (now) wife and I moved in together in summer 2019. We bought just about everything we needed on Wayfair. Coffee tables, book shelves, lamps, tons more.
We owned literally none of it by end of 2022.
Glad it isn’t just me. I got a cutting board there less than a year ago and it’s already splitting quite badly.
This is the best summary I could come up with:
Wayfair is laying off 1,650 employees, amounting to 13% of its global workforce, as the online home goods retailer struggled to rebound following its success amid pandemic lockdowns.
Wayfair had flourished at the beginning of the pandemic, when demand for swanky furniture and other home decor upgrades was so hot that it helped bottleneck global supply chains and caused lengthy shipment delays.
Inflation has left high prices in its wake, and middle-income shoppers have pulled back their discretionary purchases to focus on paying for necessities like groceries, gas and rent.
Wealthier customers have shifted their spending from furniture and other goods to travel and services, and mortgage rates remain high, cutting into demand for new homes.
Late last year, Wayfair’s Shah garnered attention for his blunt year-end letter to his employees telling them to blend work and life together.
I believe that most of us, being ambitious individuals, find fulfillment in the joy of seeing our efforts materialize into tangible results,” Shah said in a note to employees earlier this month celebrating the company’s recent success.
The original article contains 429 words, the summary contains 175 words. Saved 59%. I’m a bot and I’m open source!
Guess they didn’t work hard enough /s
Not surprising considering Wayfair’s products are a pile of hot garbage.
