Etsy, one of the largest online marketplaces in the world, has announced it will cut 140 jobs. This is the second round of cuts since May. All in all, according to the company statement, Etsy will slash 230 positions – representing about 22% of its workforce in 2016 numbers.
The slashed jobs this time around will focus mainly on marketing, product management and administration roles at Etsy’s Brooklyn headquarters.
Etsy has 45 million listings but faces fierce competition from other online retailers like Amazon, eBay and more. Recently, the company replaced CEO Chad Dickerson with Josh Silverman. In a statement, Etsy said it expects severance charges and other exit costs of the latest round of layoffs will total between $6 million and $8.8 million.
