Lightspeed Commerce Inc. has announced that it will cut approximately 280 jobs.
The technology company from Montreal stated on Wednesday that this action accounts for around 10 percent of its expenses related to staffing.
In addition, Lightspeed says it has implemented various other cost-cutting measures in its facilities and operations.
It anticipates that most of the restructuring costs will occur in the initial quarter of its 2025 fiscal year, which concludes on June 30.
Dax Dasilva, the founder and CEO of Lightspeed, mentioned that after consolidating the company’s numerous acquisitions, it is now entering a new phase focused on achieving profitable growth.
In a statement, Dasilva acknowledged that tough decisions, such as reducing expenses in specific areas including staff, are necessary to enable investments in other areas.
Dasilva also expressed gratitude for the efforts of all team members who have contributed to the company’s journey as it navigates through this transition.
The company also revealed that its board has approved the buyback of up to 10 percent of its public float of shares.
Dasilva was the CEO for the majority of the company's history, but transitioned to executive chairman when JP Chauvet took over as CEO in February 2022.
Dasilva resumed the CEO position in February of this year following Chauvet's departure from the company.
