"Toast, a Boston Restaurant Tech Company, to Cut 550 Jobs Amid Slow Growth"
Boston-based restaurant technology company, Toast, is planning to lay off 550 employees, about 10% of its staff, as part of a reorganization plan to promote overall operating expense efficiency. The layoffs are expected to be completed by the end of the fiscal year, incurring costs of up to $55 million for severance and related expenses. Despite strong sales growth, the company's financial performance on Wall Street has not met expectations. Toast's revenue for 2023 grew 42% from the previous year, and gross profit was up 63%. The company recently changed leadership and announced plans to relocate its headquarters from Fenway to the Seaport.
