Lightspeed Commerce has laid off 300 employees, or about 10 percent of its workforce, as part of a reorganization to streamline the company’s operating model while continuing to focus on profitable growth.
The reorganization includes the reduction of approximately 300 roles representing about 10 percent of Lightspeed’s headcount-related operating expenditures, with half of the cost reduction coming from management layers.
The company said in a statement that the new structure is expected to unlock efficiencies after absorbing employees, technology, and processes through its most recent acquisitions.
“We have done outstanding work to complete our goal of integrating each brand and rolling out our flagship products to market,” said Lightspeed CEO JP Chauvet.
“This represents three years of hard, foundational work that is setting us up for long-term success,” he added.
Lightspeed estimates the headcount reduction will result in an incremental restructuring cash charge of $12 million to $14 million, primarily consisting of severance payments, employee benefits, and related costs.
