San Francisco, California-based Bolt Financial, a one-click online check-out payment processor, has announced a restructuring leading to a reduction in force.
The reduction in force will affect approximately one-third of its workforce, an estimated 250 employees, including those in marketing, sales, and engineering.
According to Bolt CEO, Maju Kuruvilla, "It’s no secret that the market conditions across our industry and the tech sector are changing, and against the macro challenges, we’ve been taking measures to adapt our business. In order to secure Bolt's financial position, extend its runway, and reach profitability with the money it has in hand, the company has decided to reduce the size of its workforce.
Authentic Brand Group, the owner of the iconic brand Brooks Brothers, Forever 21, and Reebok—has alleged Bolt's technology did not work as promised and has filed suit.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?