Etsy lays off 12% of worker as part of restructuring plan

NEW YORK, NY, Aug 5 : Crafting marketplace Etsy Inc. is laying off approximately 220 employees, or 12 per cent of its workforce, as part of a restructuring plan it hopes will "improve coordination and speed of decision-making," the company said in a U.S. Securities and Exchange Commission filing on Wednesday. The layoffs will mostly impact workers in the product and engineering department, Chief Executive Kruti Patel Goyal said in an email to employees. "Cost savings are a consequence of these changes, but they are not the objective. We didn't start this work with a cost reduction target or a goal of making Etsy smaller," she said. "You'll continue to see us invest in the business and the team and hire in areas that are important to our long-term strategy."Patel Goyal said that the cuts al