FreeRide Over For More Than Half of Staff

Share this article:
Punishing market conditions and a drop-off in online advertising were the reasons given yesterday when FreeRide.com confirmed rumors that it let go more than half of its staff.


Based on estimates given last month when FreeRide laid off a third of its work force, these layoffs bring the head count down to about 45.


Regardless, FreeRide, a provider of customized marketing solutions for clients and a rewards program for consumers, will remain in business.


"FreeRide has sufficient working capital to [survive] through next year," said Jeff Finkle, a managing partner at Odeon Capital Partners, a FreeRide investor. "We are exploring new products within the scope of online rewards and loyalty that reflect the current state of the online advertising market," he said.


FreeRide vice president and general counsel Mark Redman said, "We are pursuing all viable business opportunities." Contrary to rumors, "There are no plans to immediately liquidate the company. There is no current plan to bring the site down," he said.


Redman would not discuss any offers he has heard for FreeRide's assets.
Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Digital Marketing

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Digital Marketing

Target Better With Facebook, Sandberg Tells Marketers

Target Better With Facebook, Sandberg Tells Marketers

In earnings call, the COO claims Facebook is 44% more accurate than the industry average at targeting and promises increasing investment in ad tech.

Day One on the DMA2014 Show Floor

Day One on the DMA2014 Show Floor

Sprouting from the Direct Marketing Association convention today were retargeting refinements, rules for breach behavior, and, yes, some darn fine Brussels sprouts.

Customer Identity in the Digital Age

Customer Identity in the Digital Age

Industry experts explore the value in a person's cyber identity for marketers.