Last year, Wayfair’s yearly sales declined by 1.8%, taking the business down to $12 billion. This follows the company’s efforts to cut costs via furloughing 1,650 employees.
Amid the upheaval, Niraj Shah, Wayfair’s CEO, conceded that the business acted hastily when it hired new staff during the economic boom that COVID brought. While many other companies suffered during this period, COVID led to a temporary surge in folks making online purchases.
