Reuters is reporting Wayfair will cut 870 jobs, among them approximately 400 in Boston, as part of a 5% cut of its global workforce.

Niraj Shah, Wayfair CEO and co-founder, said in a memo, “We are actively navigating Wayfair towards a level of profitability that will allow us to control our own destiny, while still investing aggressively in the future. The macro environment doesn’t change our belief in the size of the opportunity and we are moving purposely to seize that opportunity.”

The news was announced weeks after the company revealed in its second quarter report that revenue was down for the second quarter $573 million, which was 14.9% less than the same time last year. It also revealed US net revenue dropped $302 million, or 9.7% year over year, while its international net revenue of $500 million had dropped $271 million, a year over year drop of 35.7%.

After the report, in a statement Shah said, “During a difficult macroeconomic environment, we remain squarely focused on our customers and our suppliers, and on making sure Wayfair is their preferred platform for the Home. We are tightly controlling our many levers and steering Wayfair in a financially responsible manner through this period.”

He added that the company, “intended to balance continued investment in long-term growth while ensuring tight day-to-day execution across a range of macro scenarios.”

Wayfair’s line of home goods had set it up perfectly to thrive during the pandemic when everyone was trapped at home, however since the world exited the pandemic and returned to going to work and entertaining outside of the home, and as inflation surged and curtailed expenditures on discretionary goods, revenues have steadily declined.

It had been reported that Wayfair had frozen hiring for 90 days in May due to what was referred to at the time as “economic uncertainty.” And this in all in addition to the fact that in 2020, it had laid off 3% of staff as the pandemic began.

Wayfair headquarters photo courtesy Wikipedia.