Real EstateBR

Loft Layoffs

March 2023

Loft announced a layoff affecting 340 employees (15% of its workforce) in March 2023. The company operates in the Real Estate sector.

People Affected

340

Percentage

15%

Announced Date

Mar 3, 2023

About

In March 2023, Brazilian proptech company Loft conducted its fourth round of layoffs in a year, dismissing 340 employees, which represented 15% of its then 2,200-person workforce. The company stated this move was to adjust costs and expenses in response to a challenging economic environment for tech firms, aiming to achieve operational break-even by year's end. This round primarily affected administrative teams and projects with longer maturation timelines. Over the preceding year, including natural attrition, Loft had reduced its headcount from approximately 3,100 to 1,800 employees. The layoffs were part of a broader trend of restructuring within the tech startup sector.