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

Hallmark Takes Baby Steps to a New Brand

Hallmark Takes Baby Steps to a New Brand

The company relied on digital to get its growing children's apparel brand off of the ground.

One Third of Americans' Social Media Time Is Spent on Facebook

One Third of Americans' Social Media Time Is ...

Pandora, meanwhile, attracts more user time but far fewer digital advertisng dollars, says a study.

News Corp. Chief Brands Google an 'Unaccountable Bureaucracy'

News Corp. Chief Brands Google an 'Unaccountable Bureaucracy'

Robert Thomson warns the EU that an antitrust deal with Google will lead to a decrease in competitive options for marketers and an increase in piracy.