Faire, an online wholesale marketplace based in Kitchener-Waterloo and San Francisco, has laid off 250 employees as part of a company-wide restructuring, according to reports.
The job cuts primarily affected Faire’s engineering, product, design, and data science teams. This marks Faire’s second round of layoffs in just over a year, despite raising $416 million in a Series G extension in 2022.
Faire cited the need to streamline its organization due to a slowdown in hiring. The move reflects broader adjustments in the e-commerce industry, with several companies facing job cuts as physical retail rebounded.
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