Is Wayfair Going Out Of Business In 2024?

About Wayfair

Founded in 2002, Wayfair Inc. is one of the largest e-commerce retailers based in Boston, Massachusetts, that sells furniture and home goods online.

Who Founded Wayfair?

Previously known as CSN stores, the company was founded by Niraj Shah and Steve Conine, a makeshift headquarters in Conine’s nursery in Boston

Wayfair’s Stock Prices

The current stock price of Wayfair is hovering around $50-$55 per share. And over the last year, Wayfair's stock prices have plummeted by 80%.

The  Rise Of Wayfair

During 2020 & 2021, people were working from home largely which led to an increase in the demand for office furniture and other decor items from Wayfair.

The Rise Of Wayfair

2020 was, in fact, the year where Wayfair made a net income of $185 million as compared to the previous consistent losses.

The Fall Of Wayfair

Because of the current inflation, however, the tables have now turned, and people have stopped purchasing non-essential items like furniture.

The Fall Of Wayfair

And because of this, Wayfair’s sales have also dropped by 9% compared to the previous year.

Wayfair Is Laying Off Employees

The company recently laid off over 900 employees, or 5% of its workforce.

Is Wayfair Going Out Of Business?

In a statement, Wayfair’s CEO, Niraj Shah said, “Wayfair is now in a place where we can drive profitability while simultaneously investing for growth."