April 3 (Reuters) - Canadian payments firm Lightspeed

Commerce ( LSPD ) will cut about 280 jobs as part of a larger

reorganization and cost-reduction plan, it said on Wednesday.

Job cuts have been casting a shadow over major sectors in

early 2024, as a high interest rate environment and shaky

economy have taken their toll.

Lightspeed's move will help reduce about 10% of its

headcount-related operating expenses, the company said, adding

that it would allow for investments in other areas and a

profitable growth.

It expects the restructuring to be completed by the end of

the first quarter of fiscal 2025, and would take a majority of

related charges in the very same quarter.

Lightspeed also authorized a share repurchase of up to 10%

of its total public float, representing a total value of $140

million.

In February, Lightspeed posted a net loss of $40.2 million

for the third quarter of 2024, compared with a net loss of

$814.8 million in the year-ago period.