Stamps.com, an Internet-based mailing and shipping services company, has reduced its staff by 25 percent in a continuing effort to streamline operations and achieve profitability.
The Santa Monica, CA-based company cut 24 positions, leaving it with 72 employees. Stamps.com has cut its work force several times to reduce costs.
Stamps.com also replaced its interim president and chief executive, Bruce Coleman. The company's chief financial officer, Ken McBride, will assume those positions.
“Stamps.com remains committed to maximizing shareholder value. Today's employee reductions accelerate the company's timetable for achieving cash flow breakeven,” said McBride, who has been CFO of Stamps.com since October 2000.
In July, Stamps.com reported a second-quarter net loss of $30.8 million, compared with a net loss of $52.3 million, for the same quarter a year ago.