Boston's Toast to Slash Hundreds of Jobs!

The Boston-headquartered restaurant tech firm, Toast, plans a significant workforce reduction. In its 2023 financial report, the company disclosed intentions to cut 550 jobs, alongside facility and operation reorganizations, with an estimated cost of $55 million for severance.

This move aims to enhance overall operating expense efficiency.

Additionally, Toast's board authorized a share repurchase program worth up to $250 million. Despite a 42% revenue increase and a 63% rise in gross profit in 2023, Toast proceeds with layoffs.

The company, led by new CEO Aman Narang, continues its expansion plans, including headquarters relocation to Seaport from Fenway.

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