News: Bolt confirms 29% workforce reduction post federal probe

Strategic HR

Bolt confirms 29% workforce reduction post federal probe

During May 2022, reports emerged indicating that around 185 employees, representing roughly a third of the workforce, were released from their positions. Furthermore, the company underwent additional rounds of layoffs earlier in the same year.
Bolt confirms 29% workforce reduction post federal probe

Bolt, a company specialising in e-commerce and fintech, recently confirmed a significant reduction in its workforce, amounting to 29%, as indicated by a company spokesperson.

According to TechCrunch, the decision to downsize was conveyed through an official statement, where the one-click checkout firm highlighted the necessity to transition towards a more sustainable operational framework, emphasising efficiency and long-term growth. 

The spokesperson expressed the complexity of the decision, citing the restructuring of organisational layers and positions across the company. This restructuring aimed to streamline operations, fostering enhanced speed and adaptability, vital for the company's progression into its next phase.

These recent layoffs, disclosed to have occurred the previous week, mark a series of workforce reductions by Bolt, with earlier layoff instances reported in 2022 and this year. 

In May 2022, approximately 185 employees, constituting a third of the workforce, were reportedly let go. Additional layoffs took place earlier this year, contributing to the company's staffing changes.

Specific details regarding the total number of employees affected or the exact roles impacted during the layoffs remain undisclosed.

Bolt, recognized for its software facilitating rapid checkouts for retailers, has amassed approximately $1 billion in venture-backed funding and once held a valuation of $11 billion.

CEO Maju Kuruvilla, in an interview with TechCrunch in October, emphasised Bolt's pursuit of profitability. Kuruvilla highlighted upcoming initiatives, such as optimising merchandise returns and tailoring personalised experiences within its universal shopper network. 

Moreover, the company announced partnerships with several retailers, including Saks OFF 5TH, Shinola, Filson, Lafayette 148, and Toys “R” Us, in November as part of its strategic development.

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Topics: Strategic HR, #Layoffs, #HRTech, #HRCommunity

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