Lightspeed Commerce has announced plans to cut approximately 300 jobs as the Montréal-based retail tech company sets its sights on becoming profitable.

According to Lightspeed, these layoffs will help streamline the firm’s operating model, impacting around 10 percent of Lightspeed’s headcount-related operating expenditures, half of which is coming from Lightspeed’s management layers. It is not yet clear what percentage of Lightspeed’s overall headcount will be affected by these cuts.

“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,” wrote Lightspeed in a letter to employees explaining the decision. “This bogs us down, creates inefficiencies, distracts us from our mission and distances us from what matters most–our customers.”

As Lightspeed put it, these layoffs represent “the next deliberate step in executing Lightspeed’s strategy to unify all of its acquired companies and products.”

“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. “The launch of these flagship products, coupled with our new, leaner structure, will allow us to be more agile and responsive to our customers as we invest in innovations that will fuel our long-term growth.”

Despite these cuts, Lightspeed said it plans to continue to hire for “core go-to-market and development roles that support profitable growth.”

Founded in 2005, Lightspeed provides cloud-based commerce and point-of-sale (POS) software to restaurants, retailers, and hospitality providers. The acquisitive retail tech firm, which trades on the TSX and NYSE as ‘LSPD,’ has teams across North America, Europe and the Asia Pacific region that cater to businesses in over 100 countries.

These cuts follow a tumultuous year for Lightspeed. The company’s stock price plummeted amid the broader tech selloff, founding CEO Dax Dasilva was replaced by Chauvet as the firm overhauled its C-suite, and converted some of its many acquisitions into a slew of new products.

Feature image courtesy Lightspeed.

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