BreakingNews:Etsy Shakes Online Retail with Unprecedented Layoff Decision!. Etsy is reducing around 225 positions, or 11% of its staff, as part of a cost-cutting strategy.
Several professionals, including the chief marketing officer, will depart the online marketplace as part of the transition.
After two years of “essentially flat” sales, chief executive Josh Silverman informed the team that the layoffs were necessary.
He said that although the layoffs came at an “unfortunate” time,. During the holidays, the laid-off employees will still get their pay until at least January 2.
According to a statement on the company website. Mr. Silverman explained that the job layoffs are a part of a plan. make Etsy a “more focused, agile company”.
In a statement to investors, the business stated that the layoffs will cost it up to $30 million (£23.7 million) in severance payments. employee perks, and other expenses.
After the layoffs, which should be finished in the first three months of 2019, about 1,770 individuals will work for Etsy’s main marketplace team.
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