More bad news for the economy. According to this CNBC report online retailer Etsy will be cutting hundreds of jobs.
Etsy, the online market for handmade, vintage and craft items, will cut 15 percent of its workforce.
It’s the second wave of job cuts. Combined with a round in May, the reductions amount to about 22 percent of the staff, according to a press release.
About 230 jobs will be eliminated in the two cuts. Most layoffs this round will primarily be in the marketing, product management and general and administrative departments out of the company’s Brooklyn headquarters.
Etsy expects the latest severance charges and other exit costs to total $6 million to $8.8 million, according to a press release. It said the May cuts cost about $6.5 million to $8 million.