Wayfair prepares to cut more than 1,000 jobs

(Representative Image: Shutterstock)

Online furniture retailer Wayfair Inc is preparing to lay off over 1,000 workers, or more than 5% of its workforce, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Wayfair joins a growing list of U.S. companies - ranging from tech giants and Wall Street banks to food delivery firms - which are shedding their workforce amid worries of an economic downturn.

Wayfair did not immediately respond to a Reuters request for comment.

The company said in August it was cutting about 870 jobs, or about 5% of its global workforce at that time, in a bid to trim operating costs amid waning demand for furniture and home decor from pandemic highs.