Toronto, Mar 11 (IANS): Canada-based online storytelling platform Wattpad has announced that it has laid off nearly 15 per cent of the staff -- 42 employees of its 267-people workforce -- amid challenging economic conditions.

"As you all know, the global economic reality over the past year has fundamentally changed -- and like other businesses, we are not immune. We've made the difficult but necessary decision to reduce our workforce. Of the 267 amazing people who work for Wattpad, 42 will be leaving the company," Wattpad Interim President KB Nam said in a blogpost.

"This does not mean that these team members haven't been an important part of our work. It's important to note that these decisions are in response to changing business realities and needs, and are in no way a reflection of individual contributions. Everyone at Wattpad has accomplished a tremendous amount and had a positive impact on our company," he added.

Moreover, the company said that it will provide at least 12 weeks of severance and six months of continued benefits to the departing employees, also, they will be allowed to keep their laptops and other devices.

In January, Canada-based Clearco, an e-commerce investor providing equity-free capital solutions to e-commerce businesses, laid off 30 per cent of its workforce.