AM I NEXT? NO LOVE AT REFF TECHNOLOGY

Miami, Florida-based REEF Technology. a provider of hardware, software, and management services for utilizing real estate, primarily parking lots and empty spaces, as parking lots, delivery hubs, and ghost (pop-up) kitchens, has announced a restructuring to focus on its core competencies, parking lots and ghost kitchens.

The restructuring will impact 750 employees with separations starting immediately.

According to Reef Technology CEO, Ari Ojalvo. ""At the beginning of the year, we refocused our strategic priorities on strengthening our parking business, building on the exponential growth of REEF Kitchens, and expanding our Proximity platform. We also sharpened our focus on profitability and productivity, both critical assets in inflationary environments. To adapt to this environment, it is with a heavy heart that we are parting ways with about 5% of our global workforce. In the coming days, those whose roles are impacted will be contacted individually to discuss severance and transitional support."

"Ghost kitchens are essentially restaurants without the dining space. Their focus is to sell and fulfill online food orders for delivery using third-party apps like Grubhub, UberEats, and DoorDash, or with their own delivery operation. As a result, they typically have no visible storefront. Many are trailer-based mobile operations."

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?

AM I NEXT? NO LOVE AT KNOCK

New York City, New York-based Knock, a technology company that facilitates real estate transactions, has announced that it is reducing its workforce by 46% or approximately 100 employees thoughout the company's various divisions. It should be noted that while the company maintains some physical locations to facilitate co-working, all employees are essentially remote workers.

According to Knock CEO Sean Black, “While substantial, the capital we raised is much less than what we set out to raise in our IPO, requiring us to rightsize the business, including the difficult decision to part ways with many of our beloved Knockstars. This is why today’s announcement weighs heavily on us and me, in particular.”

The company has raised $70 million in equity and $150 million in new debt to “power its payment platform that helps customers finance their dream homes. Led by Boulder, Colorado-based Foundry Group, an early-stage venture capital firm, the other investors include Second Century Ventures, the strategic investment arm of the National Association of Realtors, and Mauricio Umansky, a Beverly Hills real estate broker who is CEO of The Agency. The hope is for a payout IPO when conditions in the real estate and financial markets improve.

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?

AM I NEXT? NO LOVE AT HOMIE

South Jordan, Utah-based Homie, an operator of a peer-to-peer marketplace for real estate-related services, has announced a major reduction in force affecting 28% of its existing staff.

CEO and Co-Founder Johnny Hanna Homie noted that the staff reductions impacted 119 employees across the company’s operations in Utah, Arizona, Colorado, Idaho, and Nevada.

According to a company statement, We made the difficult decision to reduce the size of our company based on the impacts of the changing real estate market. It was the hardest decision we have ever had to make. Each and every one of these talented individuals is not just our co-workers; they are our friends. Those affected are some of the most skilled, committed, and incredible professionals and people. Their contributions have shaped Homie’s culture and products and made it possible for us to help thousands of customers across multiple markets. We are doing all we can to support each and every homie while they transition to the next chapter of their careers.

This reduction will not impact our ability to serve our clients in Utah, Arizona, Nevada, Colorado, and Idaho. Limited housing inventory has also created a challenging real estate market for home buyers; driving up prices and making homeownership less and less accessible. We are now refocusing on helping solve this problem by making buying a home possible for more people. Those leaving today have helped to build the products to make this a reality. They will be greatly missed."

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?