TheStreet.com issued a statement disclosing that it had laid off 18 employees in a move designed to save $2.4 million annually.
The company stated, “This reduction represents 18 positions, approximately six percent of the Companyâ€™s workforce, spread across various functions and locations. In addition, the Company is eliminating three positions that had previously been open. Following this action, the Company will have approximately 290 employees.
“‘As we previewed on our fourth-quarter earnings call, we are reducing costs across the company to maintain our goal of a free cash flow neutral position for 2009 and to protect our strong balance sheet,’ said chief financial officer Eric AshmanÂ in a statement. ‘We appreciate the contributions of the employees that were affected by this decision. This action, while difficult, allows us to continue to invest in new initiatives while remaining well positioned for future growth opportunities.’
“Previously, the company had announced actions that reduced headcount by 11 percentÂ in 2008, the deferral of salary increases throughout the company for 2009 and the elimination of the 2008 bonus for all employees.”
Read more here.Â