Shopify is laying off 10% of its employees

Canadian online retail giant Shopify announced on Tuesday that it is laying off 10% of its staff.

The 1,000 affected employees were notified on Tuesday.

According to the company, most layoffs involve certain members for recruitment and sales.

All terminated workers will receive 16 weeks of severance pay, plus an additional week for each year with Shopify.

“For a company like ours, this news will be hard to digest,” founder and CEO Toby Lutke wrote in an email to employees later posted on the company’s website.

Ottawa, for a fee, saw a significant increase in 2020 during the early months of the COVID-19 pandemic.

Shopify quickly became the most valuable Canadian company in the country.

I made different decisions, believing that growth would be lasting. However, Toby Luttke told employees in his email that the company is at the same stage it was before the pandemic.

Shopify was worth $300 billion in 2020; Today it is estimated at 50 billion dollars. The decline in demand, since 2021, explains the rapid decline.

The company’s shares were down about 15% when the Toronto Stock Exchange opened on Tuesday.