Redfin is shuttering RedfinNow, its iBuying arm, and laying off 13 percent of its total employees, or 862 people. Of those, 264 are directly related to the closing of RedfinNow.
“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,” Redfin said in a U.S. Securities and Exchange Commission filing.
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