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E-commerce company Lightspeed cutting about 300 jobs

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The Montreal-based company had 3,000 employees at end-March, statistics from financial markets data firm Refinitiv showed

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.

"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. The deal followed the US$440-million acquisition of ShopKeep, which helps restaurants and retailers accept payment and manage their business, as well as the purchase of restaurant software company Upserve.

"This does not mean these layoffs only impact Lightspeeders from acquired companies — it means reducing unnecessary layers of management and complexities agnostic of how or when someone joined us." Chief executive Dan Park attributed the cuts to the company being "deeply impacted by changing market conditions" and a "challenging microeconomic environment."

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