Web Auction Services Firm Trims Staff

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FairMarket, a company that sells online auction systems to e-businesses, laid off 40 employees yesterday and announced the resignation of its president/CEO, Eileen Rudden.


The layoffs leave the firm's employee roster at 100. Janet Smith, the company's chief financial officer, has been named interim president.


FairMarket, Woburn, MA, whose clients include film company New Line Cinema, has said in past statements that it expects to reach profitability by the end of first quarter 2002. The company's stock price hovered around $1.10 yesterday.


"With a cash balance at the end of the past quarter of approximately $71 million [and] a reduced cash burn rate ... we are well positioned for future growth and profitability," Smith said.


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