Real estate website Zillow will lay off nearly one-quarter of its staff as it prepares to stop buying and selling homes, according to The New York Times.

The company made the announcement on Tuesday, citing heavy losses, the Times reported.

Zillow Offers, a division of the company that allowed instant offers to be made on homes, reportedly took a loss of more than $420 million during the three months ending in September. In the 12 months prior, the company brought in approximately the same amount.