Wayfair lays off 870 workers as inflation dents sales

Wayfair is laying off about 870 workers as the online home goods seller trims costs in response to slowing sales and an inflation-driven shift in consumer spending.

The Boston-based company's cuts impact about 5% of its global workforce of 18,000 and roughly 10% of its corporate team, the company said Friday in a regulatory filing. Wayfair also said it plans "substantial" reductions in third-party labor costs. 

The company grew quickly in recent years to keep pace with online purchases of home furnishings, with the pandemic accelerating the increase in online shopping, CEO Niraj Shah said Friday in announcing the job reductions in a memo to employees.