Iconic homeware chain HALVES its UK workforce as bosses focus on ‘nailing the basics' after £20million sales slump
The US -based furniture retailer, which operates across Britain, cut staff numbers from 847 in 2022 to just 405 by the end of 2024, according to fresh filings with Companies House.
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The dramatic reduction follows a tough period for the business, with UK turnover plunging from £83.4million in 2022 to just £59.4million last year.
Profits also took a hit, with pre- tax earnings slipping from £2.6million to £2.2million over the same period.
Wayfair said it had made a 17 per cent cut to administrative expenses and was now focused on 'driving cost efficiency' and 'nailing the basics' as it tried to steady the ship.
Despite the ongoing slowdown, bosses remain upbeat about the retailer's long-term prospects and said the group is working towards maintaining profitability and generating positive free cash flow.
The wider company reported a net revenue of $11.9billion (£8.8billion) globally last year – down $152million (£112million) on the year before.
International sales fell to $1.5billion (£1.1billion), while revenue in its core US market dropped to $10.4billion (£7.7billion).
Wayfair recorded a net loss of $492million (£363million) despite raking in $3.6billion (£2.7billion) in gross profits.
There was some relief in early 2025, as first-quarter results showed a $1billion (£740million) rise in total revenue, thanks to a modest recovery in US sales.
However, international takings continued to fall, dipping by $37million (£27million) to $301million (£223million).
Iconic department store follows Macy's and reveals it's 'forced' to close down in weeks after 'more than a century'
Wayfair isn't the only retailer feeling the pinch on the high street. Furniture favourite MADE.com collapsed into administration in 2022 after failing to find a buyer, leading to hundreds of job losses.
Habitat also shut down all standalone stores in 2021, moving exclusively online after years of underperformance.
Even major players have been forced to adapt.
Wilko closed its doors for good in 2023 after nearly a century in business, with more than 400 stores shutting and 12,000 staff affected.
Argos has continued to reduce its physical footprint, shutting dozens of standalone shops and moving into parent company Sainsbury's stores to save costs.
Retail experts say changing consumer habits, rising costs and weaker demand are continuing to batter the home and furniture sector.
Many shoppers have tightened their belts amid soaring bills and higher interest rates, with big-ticket items like sofas and beds often the first to be cut from household budgets.
Wayfair bosses said the company remains 'resilient' in the face of economic uncertainty and is pressing ahead with its long-term strategy to streamline operations and stay competitive.
RETAIL PAIN IN 2025
The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion.
Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April.
A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024.
Three-quarters of companies cited the cost of employing people as their primary financial pressure.
The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.
It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.
Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025."
Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector.
"By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
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