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

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%.