FREE access to SEC EDGAR filings and business news. Specific subjects included are the year 2007 total compensation of the highest paid company executives, new IPO's; subprime loans; Big Winners; Big Losers, Insider Trades; Backdated Options; "Tycoons" like Carl Icahn, George Soros, Sumner Redstone, and Warren Buffett; late SEC Filers, auditor changes, poison pills
Advanced Search – Enter the ticker symbol of the company and the name of A person. EXAMPLE: To find all stories and related SEC filings on Carl Icahn's efforts to gain control of Motorola, search for "MOT Carl Icahn".
in Search

Paid Content

Layoffs Roundup: Sirius XM; Zillow; SearchMe; Hi5; Seesmic; Lulu; Zivity; SkyRider

With all the advice swirling around for startups to prepare for a long drought on additional funding, layoffs are coming at a steady clip. Here are the latest companies cutting staff in these increasingly volatile financial times:

-- Sirius (NSDQ: SIRI) XM: Less than three months after closing a delayed merger, the satellite radio company laid off at least 50 employees including on- and off-air talent, Washington Post reports. Staff cuts were expected to follow the $3.3 billion merger. Some deejays were shocked by the layoffs while others had been expecting them for some time. Company shares have taken a nosedive in recent months, dropping from a high of $3.83 at the end of last November to 37 cents today.

-- Zillow: The Seattle-based real estate site announced it would be reducing its workforce by 25 percent in a blog post from CEO Rich Barton. He wrote that the company laid off about 35 employees after it "concluded that we had no choice but to securely batten down the hatches as we sail into a major economic storm. ... The unprecedented economic events that are playing out on a global stage began in our own industry and have made a prolonged recession likely, in our judgment." This all comes while Zillow's business is booming; last month it reported a 42 percent increase in traffic from the year prior.

-- SearchMe: The search engine out of Mountain View, Calif. laid off 20 percent of its staff little more than a week after investor Sequoia Capital warned its portfolio companies about cutting and controlling start-up costs, VentureBeat reports.

-- Hi5: The San Francisco-based social network cut 10-15 percent of its employees, according toTechCrunch . Out of a staff of 110, the cuts mostly came in design, human resources and quality assurance. While the company confirmed the cuts, it said it is filling other positions that will bring its total workforce close to 110 again.

-- Seesmic: The San Francisco-based video blog commenting platform, which raised $6 million in a second round last June, cut seven employees—one-third of its total workforce— from its payroll last week. In a blog post, CEO Loic Le Meur said he was preparing for "what most are anticipating to be a bleak economic outlook for the considerable time going forward."

-- Lulu: The North Carolina-based online book publishing site laid off 24 employees last week, News & Observer reports. President Bryce Boothby was among those let go in the cuts that brought the company's employee total down around 20 percent to about 100 workers. Founder and CEO Bob Young said the company couldn't continue operating in the red during this recession. Young, who is taking on more of the company's daily operations, admitted that revenue growth has slowed but didn't elaborate further on the company's financial outlook. Lulu is in the process of moving its headquarters, which is expected to be wrapped up by year's end.

-- Zivity: The San Francisco-based adult social network cut a third of its staff this week dropping its employee count from 22 to 14, TechCrunch reports. The company, which is still in private beta after $8 million total in funding, made cuts across the board and hopes to launch to the public early next year.

-- SkyRider: The peer-to-peer technology Mountain View, Calif. startup backed by Sequoia Capital is out of business, VentureBeat reports

A Complimentary Webinar from Innodata Isogen--Beyond Cost Arbitrage: Best Practices for Delivering Large-Scale Editorial Outsourcing Services. Register now.

Published Friday, October 17, 2008 6:16 PM
Filed under: , , , , , , , , , ,

This Blog

Syndication



Premium Content from Alacrastore.com

Videos

Loading...
Loading...

Save to del.icio.us Save to del.icio.usAbout • Advertising • Contact

Powered by EDGAR Online EDGAR Online, Inc. shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
Copyright © 2007-2008, The Livermore Report. All rights reserved.