In a significant development within the Boston tech scene, Toast, a prominent restaurant payment software provider, has announced a major restructuring plan.
This initiative includes a significant reduction in workforce, impacting around 550 employees, according to a report from CBS News. The move comes as part of Toast’s efforts to streamline operations and reduce expenses amidst challenging economic conditions.
Toast, which boasts a global workforce of approximately 4,500, is a key player in the restaurant technology sector, with its innovative solutions deployed in over 106,000 restaurants worldwide.
Despite its considerable influence in the market, the company reported a net loss of $36m in the last quarter of 2023. The layoffs, scheduled to be completed before July, are expected to incur short-term costs of between $45m and $55m, primarily due to severance payments for the affected employees.
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