Wayfair is laying off nearly 900 employees, the company's CEO announced.

In a letter to employees, Niraj Shah said that the company has not grown as anticipated.

"Our team is too large for the environment we are now in, and unfortunately we need to adjust," he said.

Wayfair is offering a minimum of 10 weeks pay to outgoing employees in the U.S. Bonuses will also be paid out to eligible employees, Shah said.

"The individuals being impacted have not only made tremendous contributions to the company as colleagues but have enriched us all as our partners and friends," Shah stated.

Wayfair is based in Boston. According to ABC News, about 400 employees at its headquarters will be losing their jobs.

CNN reports that shares of Wayfair are down about 70% since the start of the year.