Redfin – The Real Estate brokerage company has announced to let go of 6% of its total workforce which accounts to 470 employees. This includes employees of Rent path & Bay equity, if excluded it will be 8% alone from Redfin.
According to the 8K filed on Tuesday, The company has mentioned that due to the market conditions, it has to make this difficult decision to reduce its overall workforce by 6%.
The layoffs are announced to be happening in stages and be completed by the end of the month. The layoffs seem to hit across the country in several departments.
“A layoff is always an awful shock, especially when I’ve said that we’d go through heck to avoid one, and that we raised hundreds of millions of dollars so we wouldn’t have to shed people after just a few months of uncertainty. But mortgage rates increased faster than at any point in history. We could be facing years, not months, of fewer home sales, and Redfin still plans to thrive. If falling from $97 per share to $8 doesn’t put a company through heck, I don’t know what does,” the company said to Investing.com.