This is the best summary I could come up with:
The online retail company will reduce its headcount by about 11% after deciding that a “leaner, more agile” workforce would help shore up growth.
Staff were notified in a livestream on Wednesday by Josh Silverman, its chief executive, who blamed the fact that gross merchandise sales on Etsy had remained “essentially flat” for two years.
“At the same time, employee expenses have grown, even as we have introduced significant cost-cutting measures and adjusted or paused hiring plans,” Silverman wrote in an internal email.
It comes after Hasbro, the toymaker, announced two weeks before Christmas that it would cut 1,100 employees as it grapples with lackluster sales.
Describing Wednesday as “one of the hardest [days] we’ve experienced at Etsy”, Silverman sought to rally the staff who were not cut.
“The waters may be rough right now,” he wrote, “but there’s no other ship I’d rather be on, and no other crew I’d rather be with, as we weather this cycle and emerge even stronger on the other side.”
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