LS Retail announced organizational changes that will reduce its workforce by approximately 40 positions, representing just over 10% of its employees.
The changes are part of a broader transformation aimed at sharpening the company's strategic focus, improving efficiency, and positioning LS Retail for long-term growth.
LS Retail is accelerating its transition toward a more SaaS-focused, AI-enabled future, while continuing to invest in its core LS Central platform, partners, and customers around the world.
The restructuring has also been influenced by a significant reduction in public support for software research and development in Iceland. LS Retail has for many years benefited from R&D grants administered by Rannís, the Icelandic Centre for Research. That funding has now been reduced substantially, with retroactive effect for the current fiscal year and for future years.
"This was a difficult decision and one we did not take lightly," said Magnus Norddahl, CEO of LS Retail. "Our priority is to build a stronger and more focused company for the future while continuing to deliver innovation and long-term value to our customers and partners. We are deeply grateful to the colleagues affected by these changes for their contributions to LS Retail."
LS Retail serves customers in more than 150 countries and remains committed to investing in product innovation, cloud services, artificial intelligence, and customer success.
