Buy.com Clips Sports Channels
The moves reportedly were designed to reduce the firm's expenses by about $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.
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.