Etsy, an online market for handmade, vintage and craft items, will cut 15 percent of its workforce.
This is the second wave of job cuts, with an earlier round in May, bringing the total to an about 22 percent staff reduction, according to a press release.
Etsy has struggled in its first two years since going public, ousting former CEO Chad Dickerson in May and replacing him with Josh Silverman. The layoffs are part of an attempt to refocus the company’s priorities.
“In order to drive focus, we took decisive steps to double down on the fewest, highest-impact initiatives in our core marketplace while de-prioritizing other projects and streamlining our resources,” Silverman said in a statement. “Parting ways with our colleagues is not easy and I am thankful for their contributions. We are moving forward with a more nimble structure that supports our current business needs and allows for faster execution so we can better serve creative entrepreneurs around the world.”
In total, about 230 jobs will be eliminated between 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, New York, headquarters.
Etsy expects severance charges and other exit costs to total between $6 million and $8.8 million, according to a press release, in addition to the approximately $6.5 million to $8 million total from the May cuts.
The company’s stock inched up less than 1 percent following the announcement.