Web Auction Services Firm Trims Staff

Share this article:
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.


Share this article:
close

Next Article in Digital Marketing

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Digital Marketing

Is the Next Mobile Already at Hand?

Is the Next Mobile Already at Hand?

Researchers quibble about just how big the Internet of Things is going to be, but a new report says it's going to be huge and that marketers need to pay ...

Sony Brings Data to Outdoor Advertising

Sony Brings Data to Outdoor Advertising

Norwegian moviegoers got front-row seats when Sony took dynamic digital ads off the Web and into theaters.

Ramp Introduces Video Platform for Marketers

Ramp Introduces Video Platform for Marketers

The cloud-based platform syncs with marketing automation and capitalizes on user behavior to extend view times.