Ecommerce retailer Wayfair has announced the closure of its Technology Development Centre (TDC) in Austin, Texas, resulting in 340 redundancies. The company will continue operations through its other TDCs in Seattle, Mountain View, and Boston in the US, as well as locations in Toronto and Bengaluru.
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Over the past five years, Wayfair has undergone a significant transformation, modernising its technology infrastructure, including a major replatforming and migration to the cloud. However, the company stated that its technology needs have shifted, prompting a refocus of resources and streamlining of operations. Despite these cuts, Wayfair assured that it would continue to invest heavily in technology, with over 2,500 technologists globally.
Wayfair's stock has dropped by 42 percent over the past year, but saw a 5.8 percent increase to $35.01 on the day of the announcement, bringing its market value to $4.44 billion (£3.44bn).
Source: www.thefurnishingreport.com