Shopify to reduce workforce by 20%, sell logistics business

“I recognize the crushing impact this decision has on some of you, and did not make this decision lightly,” Lutke wrote.In February, Shopify president Harley Finkelstein had said there were no more cuts in the works.

Those leaving will also be able to keep their office furniture and though they’ll have turn in their company laptops, Lutke said Shopify will help pay for new ones. Under the terms of the agreement, Shopify will receive stock representing a 13 per cent stake in Flexport and the ability to name a director to Flexport’s board.The transaction is expected to close in the second quarter of 2023, but is subject to certain conditions and regulatory approval.

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