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A layoff is when a company temporarily or permanently reduces its workforce. This can happen for several reasons, such as financial difficulties, company business strategy changes, or technological advances that make specific jobs obsolete.
The year 2023 witnessed the downfall of several renowned companies, marking a tumultuous period in the business world. From coworking spaces to retail giants, these bankruptcies reflect the challenging economic landscape and evolving consumer behaviors. These bankruptcies serve as a helpful reminder of how important financial stability and flexibility are […]
As we bid farewell to 2023, reflecting on the startups that didn’t make it through the year is poignant. Contrary to the dramatic tales of companies like FTX or Theranos, most startup failures are quieter, often due to timing, funding issues, or macroeconomic factors. This year, around 3,200 private venture-backed […]
The tech industry 2023 has witnessed a significant upheaval, with over 240,000 job losses, surpassing the previous year’s total by 50%. Based on a TechCrunch report, this article provides a detailed month-by-month breakdown of the layoffs, offering insights into the changing dynamics of the tech world. The Scale of Layoffs […]
We grew our headcount too fast and face severe economic headwinds, says CEO Will Shu Deliveroo, the online food delivery company, has announced plans to cut 350 jobs, about 9% of its workforce, in response to the current economic situation. The company’s CEO, Will Shu, acknowledged the company’s rapid headcount […]
LinkedIn has announced another round of layoffs, affecting 668 employees. The majority of these layoffs, approximately 563, will impact the R&D department, including teams in engineering, product, talent, and finance. This announcement comes five months after LinkedIn reported 716 job cuts and decided to phase out its app in China. […]
Supply chain software startup Flexport has decided to lay off approximately 20% of its global workforce. Flexport CEO Ryan Petersen communicated this decision to the staff, and the layoffs are expected to commence on Friday. The move comes as part of a series of changes within the company, especially since […]
In a sudden turn of events, the ghost kitchen startup Butler Hospitality ceased its operations in May, laying off nearly 1,000 employees without much notice. Despite raising $50 million in funding and recently announcing plans to expand into new cities, including Denver and Los Angeles, the company folded abruptly, leaving […]
PayPal Holdings announced that it plans to cut 7% of its workforce, approximately 2,000 employees, in response to the economic slowdown. The move aims to control costs, which the current high inflation and the threat of a looming recession have impacted. In November, anticipating a broader economic downturn, PayPal cut […]
Rising costs, slowing growth, and investor scrutiny lead to layoffs at significant players. In recent years, ultra-fast delivery companies have been one of the fastest-growing sectors in the tech industry. But as the industry matures, it faces a perfect storm of challenges. Rising costs, slowing growth, and investor scrutiny lead […]
Shopify, the leading e-commerce platform for small and medium-sized businesses, has announced selling its logistics business to Flexport, a tech-driven global logistics platform. This deal will have significant implications for the e-commerce industry, as Flexport will become Shopify’s official logistics partner and provider of Shop Promise. This service offers transparent […]