Restaurant365 Layoffs

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Restaurant365, an Irvine, California-based provider of cloud-based software for the restaurant and hospitality industry, conducted a significant layoff this week, affecting a substantial portion of its workforce. While the company did not disclose the exact number, CEO Tony Smith indicated it was "a big chunk" but not half of the staff, which previously totaled about 400 employees. The layoffs, which included sales staff and others, were driven by a severe downturn in the restaurant industry due to COVID-19, with the company reporting a 75% year-over-year decline in customer sales. As restaurants close or scale back, demand for Restaurant365's accounting, inventory, and scheduling software has plummeted, forcing the company to reduce its headcount to sustain operations. The notifications were delivered via live video conference, reflecting the difficult circumstances faced by the industry.

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