Business

Redfin shuts home-flipping business and cuts 13% of its workforce

Redfin is set to shutter its home-flipping business and reduce its workforce by 13%, laying off 862 employees.

Posted Updated

By
Anna Bahney
, CNN Business
CNN — 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.

"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.

This is a developing story and will be updated.

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