Etsy, the handmade marketplace, has announced the laying off of 225 employees, which accounts for 11% of the total workforce. The company stated that this move is intended to align their organizational structure with the necessary future objectives.
Josh Silverman, CEO of Etsy, mentioned that although the overall market on Etsy has grown significantly since 2019, the company has faced challenges since 2021. The total sales on the platform have remained relatively stable, with sellers not experiencing increased sales. However, the expenses related to employees have been on the rise, leading to the decision to make these cutbacks.
As a result of these layoffs, high-level executives such as Ryan Scott, the head of marketing, will be leaving the company. This position will be merged with the role of the CFO, as well as Kimaria Seymour, the head of HR, who will also be departing Etsy.
TLDR: Etsy, the popular online marketplace for handmade goods, is laying off 225 employees, which amounts to 11% of its workforce. Despite the market’s growth, the company has faced challenges in recent years, with sales remaining stagnant while employee expenses increase. This has prompted the decision to make these layoffs, which will also result in the departure of high-level executives.
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