The Brooklyn-based company said in the statement that it’s “sharpening its focus on key initiatives and realigning internal resources to pursue the highest-growth opportunities in order to deliver value to its stakeholders.”

The plan calls for, “enhancing search and discovery, improving the buyer journey, driving frequency, maximizing the effectiveness of our marketing spend, and providing world-class seller marketing tools.”

Josh Silverman, Etsy’s new CEO, said that “by focusing on our ‘vital few’ initiatives, we will be a more disciplined company that’s better positioned to create the world’s most compelling buying and selling experience.”

The company will cut roughly 140 positions, bringing total eliminated positions to approximately 230.

The headcount reductions will “include primarily marketing, product management, and general and administrative positions…in our Brooklyn headquarters,” though the brand will also “streamline operations in our global offices.”

Etsy will incur employee severance charges and other exit costs between $6 and $8.8 million.

(Image courtesy of Etsy)