Lightspeed Commerce announced Wednesday that it is cutting 280 jobs as part of a restructuring, at a time when it is struggling financially in a tough economic environment for its customers.
The cloud commerce specialist explains in a press release that these job cuts represent nearly 10% of its operating expenses linked to staff.
These cuts are part of a broader effort to save money. The Montreal company says in particular that it has undertaken several other cost reduction initiatives in its facilities and operations.
According to the founder and CEO of Lightspeed, Dax Dasilva, who took over the helm of the company in February, this “obligatory step” is “necessary to allow investments in other sectors”.
In January 2023, the company also announced the abolition of 300 positions, or 10% of its workforce at the time.
Since then, his financial situation has continued to deteriorate. Last February, its stock was still 86% below its August 2021 high.
In this regard, Lightspeed intends to repurchase a maximum of 10% of its float, the annual maximum authorized under the rules of the Toronto Stock Exchange, representing approximately US$140 million.
The head of financial services at Lightspeed, Asha Bakshani, emphasizes that this transaction will create value for shareholders and reduce dilution attributable to the employee stock ownership plan.
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