Montreal Tech Startup RenoRun Laying off 43% of Staff Amid Market Uncertainty
Concerned about current market conditions, a Canadian tech company has announced another round of sweeping layoffs in a bid to reduce costs.
According to multiple reports, RenoRun, a Monteal-based startup that delivers construction materials to contractors, has cut 210 jobs, or 43 per cent of its workforce.
The reduction comes after the company, which offers an Instacart-like service, laid off 12 per cent of its staff in August and paused expansion plans.
“The level of uncertainty in both the macroeconomic and the venture capital environment means we need to plan for the worst and reduce expenses,” RenoRun CEO Eamonn O’Rourke told The Globe and Mail. “To manage the company’s risks, we’ll focus on serving our base of core customers and doing it profitably.”
The North American tech sector has experienced a flurry of layoffs this year as businesses brace for a possible recession.
In addition to RenoRun, Microsoft, Meta, Shopify, Snap, Hootsuite, Article, Unbounce, Clearco, Q4, and Wealthsimple have substantially reduced their workforces as they continue to monitor market uncertainty.
According to The Globe, RenoRun employed more than 550 people in July.
LEARN MORE
• Intel plans thousands of layoffs for October amid PC plummet
• Employment lawyer on mass layoffs in the tech industry
• Layoffs in Canada
If you’re a non-unionized employee, check out our RenoRun 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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