Lightspeed Commerce Inc. is cutting about 300 jobs as part of a reorganization meant to unify a slew of companies it bought in recent years. The reduction represents about 10 per cent of the Montreal e-commerce company’s head count-related operating expenditures, with half of the cost reduction coming from management.
Lightspeed had 3,000 employees at the end of March, statistics from financial markets data firm Refinitiv showed. “After years of rapid growth — both organic and through acquisitions — we know our organizational structure has become too complex, with overlapping roles and a top-heavy framework,” said Lightspeed chief executive JP Chauvet, in an open letter to staff announcing the cuts.
“This bogs us down, creates inefficiencies, distracts us from our mission, and distances us from what matters most — our customers.” Lightspeed closed a deal to buy New Zealand-based Vend Ltd., a cloud-based retail management software company, last spring.