The Globe and Mail reports in its Wednesday, Jan. 18, edition that Lightspeed Commerce is laying off about 300 people, or 10 per cent of its staff. The Globe's Josh O'Kane and Sean Silcoff write that on Tuesday Lightspeed said the cuts represent a tenth of its headcount-related operating costs, and half of the total cost reductions would come from managers being let go. Lightspeed had about 3,000 employees worldwide before the announcement. The new year has brought a fresh wave of layoffs for the tech sector after already experiencing mass cuts in 2022. Inflation and rising interest rates have been weighing on tech valuations and leading companies to reconsider their spending, with companies such as Thinkific Labs and Clearco announcing layoffs in recent days. On Tuesday U.S. and British media reported that Microsoft was on the cusp of slashing thousands of jobs. Lightspeed chief executive officer Jean Paul Chauvet said in a note to employees on Tuesday, "Our organizational structure has become too complex, with overlapping roles and a top-heavy framework. This bogs us down, creates inefficiencies, distracts us from our mission and distances us from what matters most -- our customers."