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.

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• Li-Cycle laying off 17% of staff, ‘recalibrating’ organizational structure
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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.

Termination agreements for Lightspeed employees

In Canada, non-unionized employees at Lightspeed 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.

WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.

Before accepting a severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what our Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

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

LEARN MORE
• Severance pay for provincially regulated employees
• Rights to severance for tech sector staff
• Severance packages during mass layoffs

Major tech layoffs continue

The job cuts at Lightspeed come amid a flurry of tech sector layoffs in 2024.

Big names, including Cisco, Mozilla, Instacart, BlackBerry, Grammarly, Amazon, DocuSign, Snap, Zoom, Okta, PayPal, Salesforce, Microsoft, and eBay, have also pulled out the axe as they continue to navigate challenging economic conditions.

SEE ALSO
• Wayfair cutting 1,650 jobs, Ontarians affected
• Boundless Learning laying off 15% across company: Reports
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.