Employees at online marketplace Etsy Inc. are enduring another round of layoffs as the retailer’s struggles continue.
Etsy, No. 22 in the 2017 Internet Retailer Top 500, today announced it will cut 15% of its workforce, or roughly 140 positions. This comes six weeks after Etsy cut 80 positions, at which time then-CEO Chad Dickerson also left the company, and former Skype CEO Josh Silverman replaced him.
This latest round of layoffs also comes one month after Etsy cut its internship program. Etsy has cut a total of 230 positions since May 2.
The staff reduction is to help Etsy better focus its resources moving forward, Silverman said in the announcement Wednesday.
“By focusing on our ‘vital few’ initiatives, we will be a more disciplined company that is better positioned to create the world’s most compelling buying and selling experience,” he said.
During the first quarter ended March 31, Etsy reported sales on its marketplace, which Etsy refers to as gross merchandise sales, of $719.0 million, up 14.2% from $629.9 million during the same time last year. Etsy also reported a net loss of $421,000, compared with a $1.2 million profit during the same time last year.Favorite