A local company that provides point-of-sale software to restaurants is laying off half of its workers.
According to an article from CNBC, Toast announced yesterday that it is cutting approximately 50% of its employees, or somewhere around 1,300 workers in total. The layoffs are a direct result of the coronavirus crisis as indicated by CEO Chris Comparato's statement saying that "During the month of March, as a result of necessary social distancing and government-mandated closures, restaurant sales declined by 80 percent in most cities....This is a massive disruption that hit the industry virtually overnight. Many restaurants that have temporarily closed may never reopen." The Boston-based company had been growing rapidly before the outbreak with its revenue more than doubling last year, but the combination of restaurants closing or having to focus only on takeout/delivery have caused a ripple effect throughout the industry.
Comparato hopes for the best for both the company and the restaurant industry as a whole, saying that "There is no playbook for navigating a global pandemic, but at Toast we will double-down on our effort to support our community and become the leading platform for restaurants of all size....We will continue to invest in our team, our platform, and -- most importantly -- our customer community."
by Marc Hurwitz (Also follow us on Twitter at @hiddenboston)
[A related post from our sister site (Boston's Hidden Restaurants): List of Restaurant Closings and Openings in the Boston Area]
