Wayfair has just become the latest in a long line of companies to pare back its workforce, announcing this morning that it was going to cutting its labor by about 5%. 

In a Form 8-K filed on Friday morning, the online retailer discussed the layoffs, amidst other cost cutting measures. Wayfair "announced a workforce reduction involving approximately 870 employees in connection with its previously announced plans to manage operating expenses and realign investment priorities."

The filing continued: "This reduction represents approximately 5% of our global workforce and approximately 10% of our corporate team. Concurrently, the Company is in the process of making substantial reductions in its third party labor costs.