Michele Romanow’s Clearco lays off quarter of staff, cites e-commerce uncertainty
Another Canadian tech company has announced sweeping layoffs. Toronto-based Clearco, co-founded by Dragon’s Den star Michele Romanow, is cutting 25 per cent of its staff.
In a memo to employees on July 29, 2022, the e-commerce investing platform said it increased its headcount “too quickly in anticipation of continued economic growth.” After assessing current market conditions and uncertainty across the e-commerce sector, the company added that it is now facing “significant headwinds” that did not exist six months ago.
125 employees of Clearco’s 500-person team were affected by the cuts. The company has not released details on the positions or locations impacted.
However, Clearco added that it is considering “strategic options” for its international operations. After making its debut in Toronto, the company has expanded to the United Kingdom, The Netherlands, and other European markets.
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If you’re a non-unionized employee, check out our Clearco Layoffs guide.
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About the Author
Lior Samfiru
Lior Samfiru is a Founding Partner at Samfiru Tumarkin LLP and the Practice Leader of the firm’s Labour & Employment Law Group. Known for his advocacy and success representing both employees and employers, Lior exclusively serves clients in Ontario, where his extensive experience has made him one of Canada’s most sought-after employment lawyers.
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