Lightspeed laying off 280 workers, launching share buyback program

Lightspeed Commerce Inc. (Lightspeed) is eliminating approximately 10 per cent of its workforce, or 280 jobs, as part of a company-wide restructuring.

What’s going on at Lightspeed?

In a news release on April 3, the Montreal-based tech company said the layoffs and other cost-cutting initiatives will help facilitate the next phase of its “profitable growth strategy.”

“Lightspeed is now entering a new phase, one focused on profitable growth to capture the opportunity in front of us,” CEO Dax Dasilva said in the release.

“This means making some hard decisions, like reducing spending in specific areas such as headcount, to allow for investments in others. As we navigate through this transition, we acknowledge the invaluable efforts of every team member who has played a role in our journey.”

The company expects the execution of its restructuring plan to be substantially complete “by the end of the first quarter of fiscal 2025.”

In addition to the reduction, Lightspeed’s board of directors authorized a share buyback program for up to 10 per cent of its public float — representing approximately US$140 million.

Impact on Canadian staff

It remains unclear if any Canadian employees are affected by the latest round of job cuts at Lightspeed.

According to the company’s LinkedIn page, it has approximately 1,100 workers in the country.

• SEE ALSO: Layoffs in Canada: Which Employers are Slashing Staff?

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