Wayfair laying off 550

Boston-based online furniture and home goods seller Wayfair is cutting 550 employees worldwide.

“We find ourselves at a place where we are, from an execution standpoint, investing in too many disparate areas, with an uneven quality and speed of execution,” CEO Niraj Shah said. “Through two years of aggressive expansion, we no doubt built some excess, inefficiency and even waste at times, in almost every area.”

The cuts affect 3% of the comapny's 17,000 workers.

Read more from The Boston Globe.