"Retailers Wayfair and Macy's Cut Jobs, Close Hawaii Store, and Surge in Stock"

Wayfair is cutting about 1,650 jobs, Macy’s is laying off about 2,350 employees and closing five locations, including one in Hawaii. Wayfair's CEO cited overhiring during a strong economic period as the reason for the layoffs, with the company expecting annualized cost savings of over $280 million. Macy’s confirmed the layoffs and store closures, attributing the decision to a new strategy to meet changing consumer needs. Job cuts have been prevalent across various industries, with Macy’s stock falling about 3% and Wayfair shares rising more than 7%.