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Lightspeed lays off staff as part of “organizational changes”
The Montreal-based software company said the cuts are meant to simplify operations and reinvest in customer growth and product innovation.
- On Tuesday, Montreal-based Lightspeed Commerce Inc. confirmed 250 roles will be impacted as the company lays off staff and closes vacant positions. The firm stated these "organizational changes" will improve "operational efficiency" and allow reinvestment.
- Since last year, Lightspeed has executed a transformation plan focusing on two key markets: North American retail and European hospitality. This strategy aims to balance growth and profitability by simplifying operations and reinvesting in core products.
- Earlier this year, CEO Dax Dasilva announced roughly 100 job cuts across a team of about 2,000 employees. These actions seek to find further efficiencies within the business as Dasilva continues to manage the company's workforce.
- Spokesperson Stéphanie Princivil declined to specify which company areas face cuts, but noted the firm will provide more information when it reports quarterly earnings on November 5. The company remains open to further divestitures following previous business unit sales.
- The company's share price dropped from a peak of $159 CAD in September 2021 to hover around $15 CAD today. Lightspeed continues to seek growth and profitability in its core divisions while aiming to restore shareholder value.
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16 Articles
16 Articles
The company has made several reductions in the number of employees in recent years.
·Montreal, Canada
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Lightspeed Commerce removes 250 positions; the Montreal company makes redundancies and chooses not to fill certain vacancies.
·Montreal, Canada
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Lightspeed Commerce removes 250 positions, the Montreal company redundancies and chooses not to fill certain vacancies.
·Montreal, Canada
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Coverage Details
Total News Sources16
Leaning Left8Leaning Right0Center4Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 33%
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