"Restaurant-Tech Company Toast to Cut 10% of Workforce, 550 Jobs Axed"
Toast, a Boston-based restaurant software firm, is cutting 550 jobs, about 10 percent of its workforce, as part of a reorganization effort to reach profitability more quickly under new CEO Aman Narang. The layoffs will primarily affect roles that do not directly interact with customers. The company's stock price has dropped since going public, despite strong sales growth, and it posted a net loss of $246 million for the year. This move follows previous unsuccessful attempts to improve profitability, including a controversial mandatory fee on takeout orders and a decision to relocate its headquarters.
