DocuSign has filed paperwork with the SEC indicating it plans to lay off 10% of its employees, or roughly 700 individuals.

DocuSign experienced rapid growth during the pandemic as record numbers of people worked remotely, making digital document signing a critical component of day-to-day operations. As many companies have experienced, however, with the economic downturn has come a reduced need for many of the products and services that were flying high just months before.

The company described the layoffs as a “restructuring plan”:

On February 16, 2023, DocuSign, Inc. (the “Company”) announced a restructuring plan (the “Restructuring Plan”) that is designed to support the Company’s growth, scale and profitability objectives. As part of the Restructuring Plan, the Company expects it will restructure and reduce its current workforce by approximately 10%, primarily in the Company’s worldwide field organization.

Interestingly, the company expects to pay $25 to $35 million to implement this plan:

The Company currently estimates that it will incur charges of approximately $25 to $35 million in connection with the Restructuring Plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits, and related costs as well as non-cash expenses related to vesting of share-based awards. The Company expects that the majority of the restructuring charges will be incurred in the first quarter of fiscal 2024, and that the execution of the Restructuring Plan will be substantially complete by the end of the second quarter of fiscal 2024.