Etsy is cutting about 225 jobs, or 11% of its workforce

Etsy, the online marketplace, is cutting about 225 jobs, or 11% of its workforce, as part of a plan to bring down its costs.

Several executives, including its chief marketing officer, will leave the online marketplace as part of the move.

Chief executive Josh Silverman told staff the cuts were needed as sales had been essentially flat for two years.

The layoffs will cost the company as much as $30m for severance payments, employee benefits, and related costs, it said in an announcement to investors.

Following the job cuts, which are expected to be completed in the first three months of next year, Etsy’s core marketplace team will employ around one thousand seven hundred seventy people.