RetailCA

Lightspeed Commerce Layoffs

January 2023

Lightspeed Commerce announced a layoff affecting 300 employees (10% of its workforce) in January 2023. The company operates in the Retail sector.

People Affected

300

Percentage

10%

Announced Date

Jan 17, 2023

About

Lightspeed Commerce, a global commerce platform, announced a reorganization on January 17, 2023, resulting in the elimination of approximately 300 roles, which represents about 10 percent of its headcount-related operating expenditures. This move follows the company's integration of acquired brands and the global launch of its flagship products, aiming to streamline operations and achieve a leaner structure for greater agility and profitable growth. The restructuring, which includes significant reductions in management layers, is expected to incur cash charges primarily for severance and related costs. Lightspeed, dual-listed in New York and Toronto and operating in the fintech and commerce software industry, continues to hire in core areas while anticipating third-quarter financial results within its revenue outlook and ahead of its Adjusted EBITDA expectations.