Loading ...Redfin is set to shutter its home-flipping business and reduce its workforce by 13%, laying off 862 employees.
About 264 of the job cuts are directly related to the shutdown of Redfin Now, the company’s i-buying business, in which it purchases a home as-is, completes minor improvements and resells the home on the open market. Too risky now.
“Winding down RedfinNow is a strategic decision we made in order to focus our resources on our core businesses in the face of the rising cost of capital,” the company wrote in a filing with the Securities and Exchange Commission.
https://www.cnn.com/2022/11/09/homes/redfin-job-cuts-home-flipping-shutdown