Wayfair and Macy’s are cutting thousands of jobs as retail layoffs deepen

NEW YORK (AP) — Layoffs are hitting the world of retail especially hard this week. Online furniture seller Wayfair is cutting about 1,650 jobs, or 13% of its global workforce.

And Macy’s is laying off about 3.5% of its total headcount, which amounts to roughly 2,350 employees, while the iconic department giant closes five stores.

Job cuts have taken a toll on workers across various industries — including retail, tech, media and hospitality — over the last few years.

In recent months, layoffs have been announced at Google, Amazon, Hasbro, LinkedIn and more.

Macy’s stock was down about 3% as of 11 a.m. ET Friday. Meanwhile, Wayfair shares were up more than 7%.