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Etsy, an online marketplace, is planning to cut around 225 jobs, which accounts for roughly 11% of its workforce. This move is aimed at reducing costs. Along with the job cuts, several executives, including the chief marketing officer, will be leaving the company. CEO Josh Silverman informed employees that these cuts were necessary as sales had been stagnant for the past two years. He acknowledged the unfortunate timing, considering the holiday season, but assured that laid-off staff would be paid until at least 2 January. Silverman expressed that the layoffs are part of a strategy to transform Etsy into a more focused and agile company, as mentioned in his post on the firm's website. The company expects to spend up to $30 million on severance payments, employee benefits, and associated costs related to these job cuts. After the layoffs are completed in the first quarter of next year, Etsy's core marketplace team will have around 1,770 employees. Etsy is known for its platform that allows independent sellers to create their own shop, specializing in unique and handmade items. Listed on the Nasdaq stock exchange since 2015, Etsy's shares are currently trading at approximately $84 each, significantly down from its record high of over $294 during the COVID-19 pandemic in 2021. The company's largest shareholders include financial institutions such as Vanguard Group and BlackRock. Chief executive Josh Silverman, who has worked at eBay, Skype, and American Express, has been leading the company since 2017. Etsy was initially founded in 2005 by Rob Kalin, Chris Maguire, Haim Schoppik, and Jared Tarbell, all of whom have since left the company. In August, Etsy announced a change in its policy regarding funds held from sellers. This decision followed complaints from sellers who had a significant portion of their money frozen for 45 days. Etsy stated that it would substantially decrease the amount of money put on hold, but did not specify the new rate or time frame.