Lightspeed Commerce Inc. has announced that it will be reducing its workforce by 250 positions by laying off employees and not filling certain job openings. The Montreal-based software company stated that these workforce reductions are part of an effort to streamline operations and create space for reinvestment in enhancing customer growth and product innovations.
Stephanie Princivil, a spokesperson for Lightspeed, declined to specify the specific departments or roles affected by the layoffs and unfilled vacancies. However, she mentioned in an email that further details will be disclosed when the company presents its quarterly earnings report next month.
Over the past few years, Lightspeed has implemented multiple rounds of staff cuts as Dax Dasilva, the company’s founder and CEO, resumed his leadership position. Additionally, in a bid to enhance shareholder value, the company underwent a strategic review process. Despite exploring the option of going private, this review concluded without any privatization transactions taking place.
Instead, Lightspeed decided to refocus on its North American retail and European hospitality segments while divesting Upserve, a subsidiary that specialized in providing restaurant management solutions.