The company looks to regain its financial footing in a post-pandemic future

The company said that the cuts will help in managing operating expenses and realign investment priorities.

The shares of Wayfair fell about 14% in early trading on Friday

CEO Niraj Shah wrote a letter to employees that reads the layoffs were a "difficult decision" resulting from Covid-19

Shah wrote, "This year, that growth has not materialized as we had anticipated. "

He said, "Unfortunately we need to adjust with the team."

Wayfair had flourished at the beginning of the pandemic when the demand of furniture and home decor was sky high

But fast forward two years, and the picture looks a lot different now

Since the start of this year, the company's shares have lost about 70% of there value