More layoffs hit Vancouver tech

Article lays off 200+ people amid tech sector turmoil

Article, the e-commerce company known for its stylish furniture, has laid off 216 employees. The cuts impact 17 percent of Article’s workforce across all of its teams. The announcement was made by CEO Aamir Baig at an all-hands meeting on Wednesday, August 4.

In a letter to staff, Baig explained that because pandemic-induced online purchasing trends have not continued as projected, Article was operating “at a size larger than current demand would sustain.” He said the company was living beyond its means and that he “needed to resize our business to restore our position of financial strength.”

The news comes as the global tech sector reacts to market turbulence and businesses prepare for a predicted recession. The cuts also come a day after Unbounce, another notable local firm, reduced its headcount by 20 percent, laying off nearly 50 employees. » Get the full story.

Funding and deals:

• Ecofish Research, a Vancouver-based aquatic environmental consultancy, was acquired by Dallas-based Trinity Consultants. » Consulting.ca

In other news:

• World Trade Centre Vancouver at the Greater Vancouver Board of Trade launched the Digital Transformation Workshop, designed to help businesses capitalize on all the benefits of a digital reinvention. » Continue.

• Dapper Wallet from Dapper Labs, is now one of a handful of third-party wallets that can be connected to Instagram to use its NFT showcasing features. » Techcrunch.

• Thinkific released Q2 earnings with revenue up 38% to $12.6 million. » Continue.

Ideas and insights:

• Chris Neumann, general partner at Panache Ventures, writing on his blog: How to set up the perfect fundraising CRM

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Have a productive and fulfilling day. See you Sunday.