MediaCA

Legible Layoffs

April 2022

Legible announced a layoff affecting 23 employees (38% of its workforce) in April 2022. The company operates in the Media sector.

People Affected

Percentage

38%

Announced Date

Apr 4, 2022

About

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.