Shares of the U.S.-based company rose on Friday as furniture retailer Wayfair ($W) announced it will lay off 730 people as part of its plans to exit operations in Germany and focus on core business, lifting retail sentiment.

The cuts follow thousands of jobs eliminated across the online furniture seller worldwide over the past two years.

Wayfair is exiting Germany, where it has operated for 15 years, after failing to turn the company “into a household brand” in the market.

Wayfair, an early e-commerce disruptor, wants to focus more on physical retail and has decided to exit the German market and cut 730 jobs as a result.

Wayfair announced on Friday that it was leaving the German market after 15 years, citing lagging sales compared to Britain and "weak macroeconomic conditions" in the country.

Wayfair, the prominent U.S.-based e-commerce company specializing in home goods, has announced plans to reduce its global workforce by approximately 3%, affecting hundreds of employees. This decision comes amid ongoing challenges in the retail sector and the company’s strategic exit from the German market.

Wayfair Inc. (NYSE:W) announced on Friday its decision to exit the German market. The online retailer said the pullout from Germany will be effective immediately. "Since Covid, and in particular over the past year,