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Germany-based micro-mobility firm Tier Mobility lays off 7% of workforce

Germany-based micro-mobility company Tier Mobility on Thursday announced that it will be laying off 7 per cent of its workforce amid restructuring

Germany-based micro-mobility firm Tier Mobility lays off 7% of workforce

Germany-based micro-mobility firm Tier Mobility lays off 7% of workforce. Photo: Bloomberg

IANS San Francisco
Germany-based micro-mobility company Tier Mobility on Thursday announced that it will be laying off 7 per cent of its workforce amid restructuring.
This will be another round of layoffs by the company, as, in August last year, the company had reduced its workforce by 180 employees, blaming a poor funding environment and uncertain economic conditions, and now it will reduce by around 80 employees, reports TechCrunch.
The micro-mobility operator will also reduce the size of its US-based bicycle-sharing system company Spin workforce by about 20 employees.
"The layoffs are part of a pivot in the company's overall strategy, from all-out growth mode to a profitability first mindset," Tier CEO and co-founder Lawrence Leuschner was quoted as saying.
Moreover, the company said -- the restructuring will include the closure of "a small number of cities where we do not see a path to profitability" due to factors like unfavourable regulatory approaches.
Tier originally purchased Spin from Ford in March 2022, giving the company broad access to the US, however, it then laid off nearly 80 Spin employees and left Seattle and Canada seven months later, according to the report.
The company went on to let go of an additional 30 Spin employees in December when it decided to leave another 10 US cities.
Tier is also discontinuing several side projects, including its own vehicle design program and the Tier Energy Network.
On the other hand, the company will discontinue MyTier, its monthly scooter subscription service, the report mentioned.
--IANS
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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jan 26 2023 | 5:38 PM IST

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