A number of employees have been laid off by Monetate during the company’s headquarters relocation from Conshohocken to NYC while several new positions are also being created, writes Michelle Caffrey for Philadelphia Business Journal.

According to the company’s CEO, Lucinda Duncalfe, less than 15 percent of the staff has been laid off.

“It’s not a huge number for the company, but it’s a big deal for us culturally,” she said. “It’s a sad day, and it’s a very big deal for the people who are affected.”

Employees who have been laid off will receive severance packages which include both medical coverage and outplacement services. However, as part of the restructuring, the company is in the process of creating several new positions and an announcement is expected in the coming weeks about its executive staff changes.

Read more about the layoffs and new open positions at Philadelphia Business Journal by clicking here