TheStreet.com Cuts 18 Staffers; Layoffs Part Of $2.4M Cost-Cutting Plan
This story was written by David Kaplan.
Elevated interest in Wall St. since the global market meltdown this past fall hasn't necessarily translated into financial win for TheStreet.com (NSDQ: TSCM). The market news site, which was co-founded by CNBC star Jim Cramer, is cutting 18 jobs as it tries to save $2.4 million. But in Q1, this cut will result in a $500,000 pre-tax impairment charge. The cuts amount to 6 percent of its workforce, which will now number about 290 staffers. The move follows the departure of long-time CEO Thomas Clarke, who ends his employment with the company on Friday. A search for Clarke's replacement has just started.
This is the second set of layoffs in less than a year. By the end of 2008, TheStreet had laid off 11 percent of its staff. Release
By David Kaplan