Legible, a Vancouver-based ebook platform, has laid off 23 employees, representing over a third of its 60-person workforce, effective April 4. The publicly-traded company cited a need to streamline operations and reduce its annual burn rate by nearly $2 million. This move makes Legible the second publicly-listed Canadian tech firm to announce significant layoffs recently, following Thinkific. The decision comes amid a challenging capital-raising environment, marked by falling share prices and broader economic pressures like inflation and rising interest rates, which have particularly impacted unprofitable, high-growth tech companies.
