Lightspeed cuts 7% of staff in second round of layoffs in 2024

What’s happening at Lightspeed?

Montréal-based e-commerce and point-of-sale provider Lightspeed Commerce is laying off approximately 200 employees, marking its second round of layoffs this year. These cuts represent about 7% of its workforce, which numbered roughly 3,000 as of March 31, 2024.

The layoffs are part of a broader restructuring aimed at aligning resources with strategic business priorities. Lightspeed stated that the affected roles are outside of its focus areas: North American retail (including Golf and NuOrder platforms) and European hospitality.

Official statements and context

• Profitability Focus: Lightspeed emphasized its commitment to achieving profitable growth. “Lightspeed is focused on growing where we have the strongest product-market fit and right-to-win,” said CEO Dax Dasilva.
• Active Hiring in Key Areas: While reducing its headcount, Lightspeed is simultaneously hiring for roles in product, technology, and go-to-market teams.
• Investor Relations: Gus Papageorgiou, head of investor relations, noted that Lightspeed aims to optimize its operations in regions and segments where it sees the strongest growth potential.

Earlier in 2024, Lightspeed cut 280 jobs and launched a stock buyback program as part of CEO Dax Dasilva’s initial moves after returning to the helm.

Employee support and next steps

Non-unionized employees affected by layoffs may be eligible for severance pay, which is determined by several factors, including role, tenure, and age.

Key facts about severance:

• Severance Pay: Can include up to 24 months’ pay in some cases, depending on specific circumstances.
• Components: Severance packages may include salary, bonuses, commissions, and other forms of compensation. Use our free Severance Pay Calculator to estimate what your package may look like.
• Deadlines: Employees have up to two years from their termination date to review and negotiate severance entitlements.
• Need guidance? Contact Samfiru Tumarkin LLP for a severance review and expert advice.

Employees affected by the layoffs at Lightspeed can find additional details about their rights and options in our Lightspeed Layoffs: Severance Pay for Employees resource.

WATCH: Employment lawyer Lior Samfiru explains general severance rights on an episode of the Employment Law Show.

Major layoffs in 2024: Industry-wide impact

The Lightspeed layoffs come amid broader trends in Canada’s employment market, with notable companies like Questrade, Salesforce, Kinaxis, AMD, and Avaya also announcing workforce reductions as companies adjust to shifting economic challenges.

LEARN MORE
• Severance pay for provincially regulated employees
• Rights to severance during mass layoffs
• Severance entitlements in a recession

Talk to an employment lawyer

If you are facing job loss, contact Samfiru Tumarkin LLP to explore your options. Our experienced team can provide guidance on termination issues, severance packages, and workplace rights.