Online furniture retailer Wayfair said on Friday it would cut about 870 jobs, or 5 percent of its global workforce, as it seeks to cut costs in the face of slumping sales.'Our team is too large for the environment we are now in, and unfortunately we need to adjust,' said CEO and co-founder Niraj Shah in a memo to staff.'We were seeing the tailwinds of the pandemic accelerate the adoption of ecommerce shopping, and I personally pushed hard to hire a strong team to support that growth. This year, that growth has not materialized as we had anticipated,' he added.
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