Toronto, January 18 : Global merchant commerce platform Lightspeed Commerce has laid off 300 employees, or about 10 per cent of its workforce, as part of a reorganisation to streamline the company's operating model while continuing to focus on profitable growth.

The reorganisation includes the reduction of approximately 300 roles representing about 10 per cent of Lightspeed's headcount-related operating expenditures, with half of the cost reduction coming from management layers. ShareChat Layoff: Company Lays Off 20% of Its Workforce Due to Uncertain Market Conditions.

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. Microsoft Layoffs: Software Giant to Sack About 11,000 Employees Today, Says Report.

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.

Founded in Montreal in 2005, Lightspeed is dual-listed on the New York Stock Exchange and Toronto Stock Exchange. With teams across North America, Europe, and Asia Pacific, the company serves retail, hospitality, and golf businesses in over 100 countries.

(The above story first appeared on LatestLY on Jan 18, 2023 12:56 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).