Layoff wave: Canadian firm Clearco lays off 30% of workforce

According to media reports, Clearco, a Canadian e-commerce investor that provides equity-free capital solutions to e-commerce businesses, has laid off 30% of its workforce.

According to Tech Crunch, Michele Romanow, a co-founder of Clearco, also resigned as the organization's CEO.

This is the second round of layoffs after Clearco fired 125 workers, or 25% of its workforce, back in July.

According to the report, Clearco now only employs 140 people, down from 500 just one year ago.

"We don't ever lie, we are under the same pressures as every other company to become a profitable business. And so we've just continued to make the hard decisions and continue to be ahead of the curve," Romanow was quoted as saying.

CEO resigned in 2022

The company's other co-founder, Andrew D'Souza, resigned from his position as CEO in 2022, and Romanow took over in his place.

According to the article, both co-founders will now serve as executive chairman.

In the meantime, given the worldwide economic recession, Microsoft is reportedly planning to dismiss over 11,000 employees this week.

Sky News reported that Satya Nadella-run company is "finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown".

The company's contemplating reducing roughly 5 per cent of its workforce, "which, if accurate, would equate to approximately 11,000 jobs".