PR Newswire
TORONTO, Oct. 31, 2024 /PRNewswire/ - Tucows Inc. (NASDAQ: TCX) (TSX: TC), a global internet services leader, has implemented a capital efficiency plan, including a significant layoff in its Ting business, in order to cut expenses and move towards Ting becoming self-sufficient. There were also layoffs at the Tucows head office level, as part of a shared services reorganization.
The plan includes a reduction in headcount that impacts approximately 42% of Ting's workforce and 17% of Tucows' total workforce. "This decision was a difficult one and I want to acknowledge the impact it will have on the employees who are leaving," said Tucows President and Chief Executive Officer, Elliot Noss. "These are hardworking people who have made significant contributions to the Company, and their dedication will be remembered. We do not take these measures lightly, and this decision was made with the deepest consideration for the future of the Ting business and its continued sustainability."
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