Toast cuts half of its staff as economy hits hard

toast lays off staff

Toast, restaurant management platform laid off employees for the loss caused due to COVID-19 pandemic. According to Chris Comparato, Toast’s CEO, the company cutback 50% of employees which in turn reduced executive pay across the board, froze hiring, halted bonuses and pulled back offers.

With the help of a new product developed by the company, restaurants can process payments and manage orders via mix of hardware and software. Restaurants have been hit really hard due to social distancing and many eateries were forced to shut down.

Before pandemic, Toast revenue was nearly about 109 percent in 2019. Tim Barash, chief financial officer said that the company’s primary goal is to go public in couple of years.

Comparato talking about the huge loss to the restaurants in March said, “With limited visibility into how quickly the industry may recover, and facing slower than anticipated growth, we now find ourselves in the unenviable position of reducing our headcount.”

The company’s blog stated, “Severance package, benefits coverage, mental health support, and an extended window during which they can purchase vested stock options.”