Shopify, the Canadian e-commerce giant and once the country’s most valuable company, is laying off 10 per cent of its workforce.
CEO Tobi Lutke said in a letter to employees made public Tuesday that the company made a bet that the global retail transition to e-commerce, which picked up during the COVID-19 pandemic, would continue to accelerate.
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The company had scaled up its workforce to meet the demand it projected, Lutke wrote.
“It’s now clear that bet didn’t pay off,” he said.
The Ottawa-based company makes software for digital storefronts and runs a fulfilment network for its merchants, among other e-commerce offerings.
The company says on its website that it employs more than 10,000 people around the world.
More to come.
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