Softcard Lays Off 60 in Restructuring
Jan. 12, 2015
U.S. mobile carrier-backed mobile wallet Softcard on Friday announced it has laid off 60 employees. The company, a joint venture owned by AT&T, Verizon and T-Mobile, in October rolled out a major deployment in the U.S. when it was introduced in 26,000 SUBWAY restaurants in the U.S. The news has not always been so rosy for the company, however. After high-profile pilot tests, the company delayed its anticipated rollout several times and, last September was forced to walk away from its original name—Isis—to disassociate itself from the terrorist group in consumers’ minds. Published reports had been speculating that the company would shutter its doors, but Softcard said in a statement the layoffs are merely a restructuring.
“Softcard is taking steps to reduce costs and strengthen its business,” the company said in a statement Friday afternoon. “This includes simplifying the company’s organizational structure and consolidating all operations into its Dallas and New York offices, which involves layoffs across the company. We believe these efficiencies will best position Softcard in the marketplace while maintaining focus on serving our market.”