New York based power buying company – Orchard is laying off around 180 employees ~ which accounts to more than 25% workforce.
This is the second round of layoffs the company has conducted in the past 6 months. The company had let go of 100 employees in the previous round of layoffs that occurred in June of this year.
The impacted employees were informed about the layoffs in a company-wide town-hall, followed by email communication. The company’s CEO had mentioned the reasoning behind the layoffs were driven by current macro economic conditions.
Copy of the email communication sent to the impacted employees –
Sub – Orchard Team Announcement
As I shared in Town Hall this morning, today is a sad day at Orchard, as we say goodbye to around 180 hard-working, talented team members.
These changes are in no way a reflection of the wonderful work and progress achieved by these team members, and it is with great sadness that we say goodbye to them. If your job has been impacted, you will receive a meeting invite from HR by 10:30 AM ET to talk through your departure. These meetings will be complete by 4:00 PM ET today.