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Friday, Jun 24, 2022

Software Maker Brakes

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Irvine-based accounting software firm Restaurant365 has laid off staff in response an expected sales downturn to the coronavirus and its impact on the restaurant industry.

The cuts were a “significant chunk, though not 50 percent” of its workforce, Chief Executive Tony Smith told the Business Journal Friday.

Restaurant365 also postponed a new capital raise. Last June, it raised $88 million.

The company now has north of 200 employees split between its Irvine headquarters and Austin, Texas office; it had 400 prior to the layoffs.

It’s offering information at its website on COVID-19 and federal relief for restaurants and industry workers.

Go here for more updates on how OC companies are responding to coronavirus.

For ongoing, in-depth coverage of coronavirus effects on OC businesses, see the Monday print edition of the Business Journal.

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