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JOSEPH PISANI AP Retail Writer

February 13, 2020, 7:57 PM

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1 min read

NEW YORK — Online appliance agent Wayfair said Thursday that it is acid about 550 jobs, or 3% of its absolute workforce.

Most of the layoffs are at its Boston address and its European appointment in Berlin. The aggregation has about 17,000 advisers worldwide.

Shares of Wayfair Inc. fell 10% to $86 Thursday afternoon. Its banal has collapsed 28% in the aftermost year.

Founded about 18 years ago, Wayfair has never fabricated a profit. Although sales accept risen as added bodies become adequate affairs sofas and rugs online, the aggregation spends abundant of its acquirement on shipping, announcement and added costs.

Wayfair said in a able account that it always evaluates “the needs of the business,” and that it is still hiring for added roles. “We abide as assured as anytime in Wayfair’s future,” the aggregation said.

Wayfair additionally runs added online food beneath altered names, including Perigold, AllModern and Birch Lane. Following added online brands that accept opened concrete stores, Wayfair opened its aboriginal abiding capital abundance aftermost year.

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