Wayfair is laying off more than 1,600 workers

Wayfair is opening its first physical store next month in suburban Chicago, the Boston-based online furniture and home furnishings seller announced on Thursday. 

The 150,000-square foot large-format store is located in Edens Plaza in Wilmette, Illinois, and will open its doors on May 23. Reminiscent of Ikea's store format, Wayfair's location will include a restaurant called "The Porch," the company said.

Wayfair has opened test stores for some of its other brands, including Joss & Main and AllModern. 

Founded in 2002, the company generated $12 billion in sales in 2023. The retailer in January laid off 1,650 workers, or 13% of its global workforce. That came after the company reduced its headcount by 1,750 in 2023. It employs more than 13,000 people in North America and Europe.

Wayfari has struggled with a dwindling customer based as the pandemic wound down and people returned to the office and began spending less time at home. 

In:
• Wayfair

Kate Gibson

Kate Gibson is a reporter for CBS MoneyWatch in New York.