Etsy announced that it's suspending brand marketing following another round of layoffs. Reports say the e-commerce marketplace has laid off 22 percent of its workforce since December 2016. John Silverman, Etsy's new CEO, commented, "My conviction that Etsy has a unique opportunity within the e-commerce space has intensified during my initial weeks as CEO. Our vibrant community, strong brand affinity, 45 million listings, and ability to connect people through commerce provide us with a differentiated offering and solid foundation for growth. By focusing on our ‘vital few’ initiatives, we will be a more disciplined company that's better positioned to create the world’s most compelling buying and selling experience."
Total Retail's Take: Etsy has been in turmoil for some time now. The company is starting to realign resources, resulting in the significant reduction of its workforce. Etsy is trying, like many other online marketplaces, to be a more formidable competitor of Amazon.com. Shoring up its finances under the leadership of a new CEO represents the start of the process for Etsy.