Wayfair and Macy's are cutting thousands of jobs as retail layoffs deepen

NEW YORK (AP) — Retail layoffs are hitting especially hard this week.

Online furniture seller Wayfair is cutting about 1,650 jobs, or 13% of its global workforce. Macy’s is laying off about 3.5% of its total headcount, which amounts to roughly 2,350 employees, and the iconic department store is closing five locations.

Wayfair announced its latest job cuts Friday. The restructuring will reduce team sizes across the company and reduce seniority in certain roles with the company planning to “rebuild with modified leveling” this year, CEO and co-founder Niraj Shah said.