By Sam Boughedda
Investing.com -- According to a report from The Verge, thousands of Etsy Inc (NASDAQ:ETSY) sellers are set to go on strike on April 11.
The strike follows Etsy CEO Josh Silverman revealing in February that sales and revenue hit an all-time high, but transaction fees would rise from 5% to 6.5% from April 11.
Thousands of Etsy sellers are reportedly set to put their shops on vacation mode, suspending sales for over a week in protest at increased transaction fees.
The Verge said the sellers are also asking Etsy shoppers to not buy on Etsy during the period in support of the campaign, which has received more than 15,000 signatures in a week, with over 5,000 sellers agreeing to strike.
Etsy shares fell as much as 4% Wednesday. On Tuesday, the company's shares were downgraded to Hold from Buy at Loop Capital.