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Business

    • Online furniture retailer Wayfair to cut 1,650 jobs as shares jump

    This April 17, 2018, file photo shows the Wayfair website on a computer in New York. (AP Photo/Jenny Kane, File) This April 17, 2018, file photo shows the Wayfair website on a computer in New York. (AP Photo/Jenny Kane, File)
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    Wayfair said on Friday it would lay off 1,650 employees, or about 13 per cent of its workforce, sending the company's shares up as much as 15 per cent.

    The online furniture retailer said the job cuts, which affect 19 per cent of its corporate employees, would lead to annual cost savings of US$280 million.

    CEO Niraj Shah said Wayfair's aim is to maximize the company's free cash flow and potentially reduce its total share count.

    "We went overboard in hiring during a strong economic period and veered away from our core principles," Shah said in a note to employees.

    Boston-based Wayfair announced rounds of layoffs in 2022 and 2023. In last year's cuts, it eliminated 1,750 jobs, or about 10 per cent of its workforce.

    The company had a global workforce of about 17,505 employees as of the end of 2022, according to a 2023 proxy statement.

    "The workforce restructuring is another impressive move in optimizing the business for Wayfair's current level of demand and positioning the company for sustained profitable growth," said Raymond James analyst Bobby Griffin.

    On Thursday, department store chain Macy's also said it would cut 2,350 jobs and close five stores.

    Wayfair said it expects to deliver over $600 million of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in 2024. Analysts on average expect $479.3 million, according to LSEG data.

    It forecast about $70 million-$80 million of costs, consisting primarily of employee severance and benefit costs, most of which would be recorded in the first quarter of 2024.

    Since 2021, the company has seen its net revenue drop for nearly two years as after the pandemic customers spent more on travel and entertainment. In November, despite quarterly revenue increasing, Wayfair fell short of beating analyst estimates.

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    Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.

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    The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

    Canada

    • Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.

    • Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    • A field trip aimed at educating Toronto students about the plight of a northern Ontario First Nation ended with them taking part in a protest where pro-Palestinian slogans were shouted.

    • The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

    • The second-degree murder trial of Thomas Hamp is being adjourned until December so an expert witness central to the trial can testify.

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    Autos

    • An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

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    Local Spotlight

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    • BREAKING NEWS

      BREAKING NEWS

      Agreement to build a new NHL arena at LeBreton Flats has been reached between the Ottawa Senators and the National Capital Commission (NCC), sources tell CTV News Ottawa.

    • Police say a man, 34, who was taken to hospital in critical condition after being shot Thursday night has died.

    • The Ford government is considering restricting Ontario municipalities from installing new bike lanes that would require the removal of lanes of traffic, a source confirms to CTV News Toronto.

    • The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

    • Environment Minister Steven Guilbeault has invited his Quebec counterpart to the negotiating table to reach an agreement on caribou before Christmas. He noted that the province could benefit from hundreds of millions of dollars in funding to protect biodiversity.

    • The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.

    • DEVELOPING

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      Edmonton police are warning about traffic disruptions on Friday near the headquarters of the Alberta Teachers' Association, where a protest against the inclusion of sexual orientation and gender identity in school curricula will be taking place.

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    • WEATHER

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      The big weather story today won't really be rain, it'll be the cooler and breezier conditions.

    • A Nova Scotia woman has applied for a medically assisted death, saying after years of battling to receive out-of-country surgery for an illness that causes "indescribable" pain, she struggles to maintain the will to live.

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    • Amber and Adam Brueckner have a pool-shaped hole in their backyard – and their wallets.

    • The missing family that was last seen in Kitchener, Ont. on Sept. 1 has been found safe, according to police.

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    • Driving into the tunnels of Nutrien's Rocanville mine, the largest potash mine in the world by production volume, feels like driving down a lonely highway in the middle of the night.

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    • Ontario Provincial Police have confirmed a plane has crashed near New Liskeard on Friday morning.

    • Today, the 71 year old is marking 50 years a paramedic. He said he never aspired to move into management or a desk job, he enjoys being on the road, helping patients too much.

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    • A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.

    • The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.

    • Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.

    • A Vulcan, Alta., man has been charged with a Lethbridge woman's murder after her body was found in the Oyen area.

    • A Lethbridge couple got a good reminder as to why you should keep your vehicle doors locked at all times.

    • Lethbridge residents who live near the police range can expect to hear plenty of shots fired Wednesday and Thursday.

    • A new community health profile in the Algoma District shows the area is significantly below provincial averages in a number of health metrics.

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    N.L.

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