Wayfair is exiting the German market and plans to cut as many as 730 jobs, or about 3% of its global workforce, as it looks to focus on new growth drivers such as physical retail, the company said Friday.
About half of the affected employees will have the option to stay on with Wayfair if they agree to relocate to London, Boston or other locations where the company has a presence, finance chief Kate Gulliver told CNBC in an interview. The affected positions include corporate roles as well as roles on Wayfair’s customer service and warehouse teams, she said.
In a memo to employees shared with CNBC, founder and CEO Niraj Shah said it would take too much time and money for Wayfair to expand its business in Germany and the company’s dollars would be better used for other growth initiatives.
“Scaling our market share and improving our unit economics in the German market has proven challenging due to factors such as the weak macroeconomic…
