Etsy is cutting about 225 jobs, or 11% of its workforce, as part of a plan to bring down its costs.
As part of the move several executives will leave the online marketplace, including its chief marketing officer.
Chief executive Josh Silverman told staff the cuts were needed as sales had been “essentially flat” for two years.
Chief executive Josh Silverman told staff the cuts were needed as sales had been “essentially flat” for two years.
The job cuts are part of a strategy to make Etsy a “more focused, agile company”, Mr Silverman said in post on the firm’s website.
The lay-offs will cost the company as much as $30m (£23.7m) for severance payments, employee benefits and related costs, it said in an announcement to investors.
Following the job cuts, which are expected to be completed in the first three months of next year, Etsy’s core marketplace team will employ around 1,770 people.
Etsy is cutting about 225 jobs, or 11% of its workforce, as part of a plan to bring down its costs.
Chief executive Josh Silverman told staff the cuts were needed as sales had been “essentially flat” for two years.
As part of the move several executives will leave the online marketplace, including its chief marketing officer.
The job cuts are part of a strategy to make Etsy a “more focused, agile company”, Mr Silverman said in post on the firm’s website.
Chief executive Josh Silverman told staff the cuts were needed as sales had been “essentially flat” for two years.
Chief executive Josh Silverman told staff the cuts were needed as sales had been “essentially flat” for two years.
The job cuts are part of a strategy to make Etsy a “more focused, agile company”, Mr Silverman said in post on the firm’s website.
The lay-offs will cost the company as much as $30m (£23.7m) for severance payments, employee benefits and related costs, it said in an announcement to investors.
Following the job cuts, which are expected to be completed in the first three months of next year, Etsy’s core marketplace team will employ around 1,770 people.
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