TheStreet cuts 18 jobs
TheStreet Inc. announced on Thursday it was cutting 18 jobs, or six percent of its workforce, in the latest cost-saving move by the online financial news company.
In addition to the 18 positions being eliminated, TheStreet, which publishes TheStreet.com, RealMoney.com, Stockpickr.com, MainStreet.com and other websites, said that three open positions would not be filled.
TheStreet said the staff reductions were expected to result in 2.4 million dollars in savings a year.
Following the cuts, TheStreet will have some 290 employees, it said in a statement.
"This action, while difficult, allows us to continue to invest in new initiatives while remaining well positioned for future growth opportunities," chief financial officer Eric Ashman said.
TheStreet, which was launched in 1996, reduced its workforce by 11 percent last year and froze salaries throughout the company. It also eliminated all 2008 bonuses.
Copyright 2009 AFP Global Edition
