Etsy is the latest company to lay off staff in 2023. CEO Josh Silverman confirmed the marketplace is letting go of 11 percent of its staff (around 225 employees) in its first significant staffing cut in recent years. It’s also reshuffling its leadership, including announcing two executives’ departures at the beginning of 2024.
“After deep discussion and careful consideration, we are reorganizing our internal structure to more closely align our resources with our most important business priorities and better serve our customers,” Silverman wrote to employees. “As part of this, I’m sad to share that we must say goodbye to approximately 225 team members, reducing the Etsy workforce by ~11%. This decision was among the hardest we’ve ever made, and one that we have tried earnestly to avoid.”
The company is facing a consumer spending slowdown, as its leadership warned in its Q3 2023 earnings call in November. “There’s no doubt that this is an incredibly ch
