Buy.com Clips Sports Channels, 125 Jobs

Share this article:
Web retailer Buy.com today said that it would eliminate its golf and sports channels as well as lay off more than half its workforce.


Job cuts total 125 at the company's headquarters in Aliso Viejo, CA. The 5-year-old firm, which also has operations in the United Kingdom, had 230 employees prior to the cutbacks.


The moves were reportedly designed to reduce the firm's expenses by approximately $29 million annually. When combined with the company's other recent cash-minded moves, Buy.com expects to save $70 million annually. The restructuring will cost the Web retailer more than $32 million.


Buy.com also said that it planned to revise its 2001 forecast of $580 million in sales, but didn't elaborate further. However, the firm said it expects to be profitable by the fourth quarter.


The bad news follows the recent resignations of Gregory Hawkins, the company's chairman and chief executive, and Mitch Hill, its chief financial officer. Their departures came shortly after the company reported a year-over-year decline in fourth-quarter revenue and laid off 25 employees.


Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Multichannel Marketing

Wine.com Uncorks New Digital Marketing Opportunities

Wine.com Uncorks New Digital Marketing Opportunities

The online wine retailer's strategy incorporates different flavors and depths.

93% of Companies Are Ineffective at Cross-Channel Marketing

93% of Companies Are Ineffective at Cross-Channel Marketing ...

Companies point to a lack of resources as the most common reason for lackluster marketing integration, a study says.

Metal Mulisha Races Towards Customization

Metal Mulisha Races Towards Customization

The motocross apparel company boosts mobile and Web conversions through product recommendations and personalized search.