Latch laid off 28% of staff, or 130 people, in a sign not enough doors were opened for the maker of phone-activated locks. The Chelsea-based company’s stock has lost nearly 90% of its value since going public via a special-purpose acquisition company sponsored by a high-profile Manhattan developer.
Citing “continued construction delays and supply chain shortages,” Latch said in a statement late Friday that the layoffs and reorganization of its sales and marketing departments would position the company for growth while “accelerating its path towards self-sustaining free cash flow and profitability.”
The company’s $311 million market value is lower than the $335 million of cash on its books,
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