In December 2022, UK-based e-commerce technology startup Primer laid off approximately 85 employees, representing about one-third of its total workforce. The company, which had raised $50 million at a $425 million valuation the previous year, undertook this significant restructuring to adjust to shifting market conditions and extend its financial runway. The layoffs were driven by a major cooling in e-commerce activity following the pandemic boom, as consumer spending decreased amid global economic uncertainty and rising inflation. This move reflects a broader industry trend where companies that expanded rapidly during the peak of COVID-19 are now retrenching to navigate a more challenging economic environment.
