Online wholesale marketplace Faire cuts 250 jobs as part of restructuring

Faire has joined the long list of tech companies that have announced sweeping layoffs this year.

The online wholesale marketplace confirmed to Business Insider that it has eliminated 250 jobs as part of a company-wide restructuring.

“We built our former organizational structure with multiple layers of management to support our pace of hiring. When we slowed down hiring last year, naturally we weren’t able to grow into that larger structure,” Faire said in a statement.

Sources claim that the company’s engineering, product, design, and data science teams were affected by the reduction.

It remains unclear if any Canadian employees were let go. The company has offices in Kitchener-Waterloo and Toronto.

The move comes a little more than a year after Faire reduced its workforce by approximately seven per cent in October 2022.

Prior to the October layoff, the company employed around 1,200 people.

Major tech layoffs continue

Faire isn’t the only tech company scaling back their staffing levels in 2023.

Big names, including Nokia, Bungie, LinkedIn, Amazon, Twitch, Google, Dell, Telus, and Meta, have announced deep job cuts as they continue to navigate challenging economic conditions.

SEE ALSO
• Firm launches $130M class action against Shopify for breach of contract
• Cybersecurity firm Splunk slashing 7% of staff ahead of Cisco acquisition
• Where are layoffs happening in Canada?

Termination agreements for Faire employees

In Canada, non-unionized employees at Faire are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

People working “on contract” or as a contractor may also be owed severance pay — given that many employees in Canada are often misclassified as independent contractors.

Severance can be as much as 24 months’ pay, depending on a number of factors.

LEARN MORE
• Severance for technology industry employees
• Severance for provincially regulated employees
• Severance packages in mass layoffs

WATCH: Employment lawyer Lior Samfiru explains why you are still owed severance if you have been downsized on an episode of the Employment Law Show.

Before you accept any severance offer, have an experienced employment lawyer at Samfiru Tumarkin LLP review it and your employment contract.

We can tell you if what you have been provided is fair and how to get proper severance if it falls short of what you are actually owed.

If you don’t receive the full amount, which happens often, you have been wrongfully dismissed and are entitled to compensation.

In some cases, employers pressure staff into accepting poor severance packages, such as imposing a deadline for accepting the offer.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue a claim for full severance pay.