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:
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

How Amazon Ads Might Change the Game

How Amazon Ads Might Change the Game

Will the Great Recommender introduce "pretargeting" to the menu? Is it destined to become the King of Conversion? Or will its ad business simply settle in between Google's and Facebook's?

Less Than Half of Marketers Say the C-Suite "Gets" Digital

Less Than Half of Marketers Say the C-Suite ...

The long road to digital marketing leadership starts with organizational alignment, a study finds.

Candidates Hook Into Twitter

Candidates Hook Into Twitter

A digital agency for politicians puts the power of presidential electioneering into the hands of Congressional campaigns.