Real EstateUS

Orchard Layoffs

November 2022

Orchard announced a layoff affecting 180 employees in November 2022. The company operates in the Real Estate sector.

People Affected

180

Announced Date

Nov 17, 2022

About

Orchard, a vertically integrated power-buying company in the real estate industry, laid off 180 employees on November 17, 2022, marking its second round of workforce reductions this year. This cut represents approximately 23% of its workforce, leaving about 600 remaining employees. The company cited a severe disruption in the housing market, with mortgage rates rising at an unprecedented pace over the past century, leading to decreased buyer activity and lower industry volume forecasts for 2023. To navigate this uncertainty and ensure long-term sustainability, Orchard implemented these layoffs as part of broader cost-cutting measures, restructuring its teams with significant impacts on mortgage and customer experience departments.