Ribbon, the startup that helps people make all-cash offers on homes, laid off about 170 people, or 85% of its remaining staff Monday. 

Business Insider reported that company executives sent emails announcing the layoffs to each affected employee. A spokesperson told the outlet that “After today, Ribbon will be a company of less than 30 people.”

Ribbon employees had reportedly known the eliminations were coming since last week, when CEO Shaival Shah told staff that another, potentially large round of layoffs was “imminent,”according to the article. In this email, Shah reportedly alluded to the layoffs being “deeper” than initially expected, and that severance would differ from initial plans.

The company laid off 139 employees this summer, leaving about 200 employees on its payroll. Inman also reported that Ribbon suspended its cash offer service.

In other layoff news, Orchard cut 180 people—about 10%—of its staff last week, its second round of cuts this year. It eliminated 100 employees in June, leaving about 694 people. 

“Forecasted industry volume for 2023 is substantially less than the past few years, and will require us to slow growth, reduce costs and set ourselves up to weather the uncertainty ahead,” the company said in a LinkedIn post last week. “The changes we made today were just one of many other cost-cutting measures and [they] help ensure that Orchard will be able to help homeowners and drive our mission forward for years to come.”

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