US-based firm Wayfair's CEO lays off 5% of its global workforce

US-based e-commerce company Wayfair's CEO Niraj Shah has laid off 870 employees after the company's anticipated growth did not materialise. After slashing 5% of its global workforce, the company is looking to make reductions in third party labour costs. The company is expecting layoff costs to range between $30-$40 million, which mainly consists of employee severance.