Today was a hard day for Recharge. We made the difficult decision to reorganize our staffing and reduce our workforce by 17%. The fact that market conditions are at the root of this, and that these announcements are being made across every sector on a daily basis doesn’t make this any easier.
Over the past few quarters, we’ve seen macro headwinds, weaker trends in our industry, and slower consumer spend. We are taking a more focused approach with our resources to give us an even longer and more sustainable runway to build great solutions for our merchants.
The human cost of this is not lost on me or on anyone on the leadership team at Recharge. I am grateful for the talent and the passion of every Recharge team member, all of whom have contributed to our strength and growth. Having to say farewell to 84 of them is painful and humbling. Every team member, departing and current, has helped build Recharge to what it is today, and taking care of our people is always our priority. We will work closely with our departing team members to support them through this time with severance, extended benefits coverage, and job transition coaching resources and services.
You’ll hear more from us soon about where we’re headed. We’ve always been relentlessly customer focused, and our product roadmap includes powerful solutions for merchants to adapt and succeed in these times.
But today we want to express appreciation and support for our departing teammates. Thank you for what you’ve brought to our culture, our product, and to businesses everywhere.