Lightspeed Commerce cuts 300 jobs to improve profit

Global merchant commerce platform Lightspeed Commerce has terminated jobs of 300 employees, or about 10 percent of its workforce.
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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.

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.