The Globe and Mail reports in its Thursday edition that Lightspeed Commerce plans to buy back up to 10 per cent of its stock and cut 280 jobs, or 10 per cent of staff, in an effort to revive its struggling shares. The Globe's Sean Silcoff writes that Lightspeed announced the moves Wednesday along with other unspecified cost-cutting efforts in its facilities and operations. The initiatives come seven weeks after the board ousted chief executive officer Jean Paul Chauvet and replaced him with his predecessor, founder Dax Dasilva. The shakeup came after negative investor response to the company's third quarter financial update in early February, and Mr. Dasilva promised at the time Lightspeed would be "a long-term profitable growth story with operational efficiencies throughout" and a frugal approach to spending. Mr. Dasilva said in a statement Wednesday: "Lightspeed is now entering a new phase, one focused on profitable growth to capture the opportunity in front of us. This means making some hard decisions, like reducing spending in specific areas such as headcount, to allow for investments in others." National Bank Financial analyst Richard Tse says, "Given the announced actions, it's a positive move" by Lightspeed.