While Away closed its 10 retail stores early, froze hiring, suspended the co-founders salaries and reduced leadership’s pay, among other actions, it wasn’t enough to prevent layoffs. Details: Self-driving car startup Zoox said in a statement to The Verge that California’s shelter-in-place order presented challenges and the company had to lay off contractors who weren’t able to work remotely. Sort by. “During the month of March, as a result of necessary social distancing and government-mandated closures, restaurant sales declined by 80 percent in most cities. Luggage retailer Away has seen sales of its products drop by 90 percent in the past few weeks, according to a blog post by the company’s co-founders. We painstakingly identified the roles we need to be successful today and tomorrow, and are parting ways with over 400 employees across all four ezCater offices.”. By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider Many restaurants that have temporarily closed may never reopen,” wrote Toast CEO Chris Comparato. Opinions expressed by Forbes Contributors are their own. Self-driving car startup Zoox said in a statement to The Verge that California’s shelter-in-place order presented challenges and the company had to lay off contractors who weren’t able to work remotely. Although Toast's main source of customers was a restaurant industry hit hard by the coronavirus outbreak, the news still caught some investors off guard. “A month ago, we were making a healthy profit margin on every order. Many restaurants that have temporarily closed may never reopen,”, . The layoffs illustrate the ripple effects of the coronavirus outbreak, as restaurant sales plunged by 80% in most cities last month, in turn forcing the restaurant software startup to scramble. While Away closed its 10 retail stores early, froze hiring, suspended the co-founders salaries and reduced leadership’s pay, among other actions, it wasn’t enough to prevent layoffs. What roles at Toast, Inc can work from home during the COVID-19 outbreak? Cuts: 50 percent of staff though layoffs and furloughs. When that happens, I hope I will be able to welcome many of our alumni back over the coming years.”, A journalist for more than fifteen years, I am a freelance writer reporting on personal finance, entrepreneurship, investments, fintech and technology for a variety of. We were crushing our 2020 plan, until coronavirus hit,” ezCater said in a statement to Axios. Crunchbase is the leading destination for millions of users to discover industry trends, investments, and news about global companies–from startups to the Fortune 1000. Some employees laid off from the company on Tuesday had only been there for a matter of months, according to their posts on LinkedIn — the unfortunate result of a hiring spree taken after Toast grew revenue by 109% in 2019, in anticipation of even more growth in 2020. Account active “For us, it is nearly impossible to continue our mission of transforming travel when travel has come to a halt,” the co-founders said. Meanwhile Kabbage, the SoftBank backed online lender furloughed a significant number of workers and shuttered its Bangalore, India office. This list includes startups that had layoffs reported this past week. Luggage retailer Away has seen sales of its products drop by 90 percent in the past few weeks, according to a. by the company’s co-founders. We’ll keep updating this list as we hear of more. Toast, which had a valuation of $5 billion in February after raising $400 million in venture funding, isn’t immune. 3.1. 339 Toast Inc reviews. We were crushing our 2020 plan, until coronavirus hit,” ezCater said in a statement to Axios. The company’s revenue grew 109 percent in 2019 and Toast went on a hiring spree to prepare for more growth in 2020, according to a blog post by CEO Chris Comparato. Sign up to 10 Things in Tech You Need to Know Today. In a blog post from co-founders  Stephanie Korey and Jennifer Rubio, the company said sales of its products have decreased by more than 90% since travel was halted amid the pandemic. “We froze hiring, pulled back offers, and halted merit increases. Crunchbase News' top picks of the news to stay current in the VC and startup world. Toast, which makes software for restaurants, cut 50% of its staff . Of the 2,369 layoffs in the week ended April 10, 736 came at Toast Inc. (An email from Green to Business Insider on Tuesday said that the outbreak had gotten to the point that most companies would soon be forced to lay off workers). More than 400 of the company’s 900 employees, according to, There is not enough sugar on the planet to sugarcoat this: we’re a company that feeds meetings, and meetings are not happening much right now. You may opt-out by. Details: The layoffs at Toast follow a giant $400 million fundraising round in February. Toast, which had a valuation of $5 billion in February after raising $400 million in venture funding, isn’t immune. “Over the last few weeks, however, it became apparent that there was no way to maintain the size of our team and stay solvent through this crisis,” the post read. Freelance Writers: How To Pitch Crunchbase News, French Scale-up Odaseva Raises $25M To Continue Global Expansion, Lightyear Powers Enterprise Networks with $3.7M Financing, The Briefing: AMD Buying Xilinx For $35B, Rockset Raises $40M, Moxie Launches Fitness Studio, And More, Salto Inks $27M In Funding To Improve Business Operations, Opendoor Filing Reveals Lower 2020 Revenue, Smaller Loss, Antidilution: The Other Way VCs Take More Of Your Startup’s Equity, How Pro Rata Works In Venture Capital Deals, Cap Tables, Share Structures, Valuations, Oh My! Work-Life Balance. The coronavirus pandemic has caused layoffs industrywide, and even the most high-flying startups are feeling the effects of the virus. But as the coronavirus outbreak hit the country and caused restaurant sales to plunge by over 70% in most cities last month, it forced the restaurant software startup to scramble.

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+ How we made $200K with 4M downloads.

How we made $200K with 4M downloads.