A furniture and home decor retailer out of New England is letting "hundreds of people" go, according to our news partner WMTW. The Boston-based company, Wayfair, is reportedly laying off 3% of its 17,000 employees. That includes 350 people at its main offices in Boston, and 55 employees in Brunswick, Maine, as per WMTW.

Wayfair issued a statement to the media that said:

To position the organization to take advantage of the opportunity ahead, we continually evaluate the needs of the business and work to increase efficiencies while aligning our teams with the initiatives that drive the greatest impact for our customers.

CBS Boston confirmed the layoffs, and said that Wayfair's stock has been dropping since June of last year. They dropped 14% alone on February 13th, 2020 -- reportedly the same day the layoff announcements were made public.

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