Zillows closing flipping business; 25% of workforce cut

Zillow said Tuesday it is laying off a quarter of the real estate firm’s 6,400 employees as it shuts down the company’s house-flipping operation, a painful setback for a player that has sought to expand its role linking property buyers and sellers.

In a statement explaining the abrupt move to pull the plug on the side business, called Zillow Offers, CEO Rich Barton said “the unpredictability in forecasting home prices far exceeds what we anticipated.” As a result, continuing to grow Zillow Offers “would result in too much earnings and balance-sheet volatility,” he added. 

read more at: https://www.cbsnews.com/news/zillow-layoffs-closing-zillow-offers-selling-homes/

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s