Stampscom Cuts About 240 Jobs, or 40 Percent of Workforce
Santa Monica, California, Oct. 23 (Bloomberg) -- Stamps.com Inc., whose shares have fallen 93 percent this year, said it cut about 240 jobs, or 40 percent of its workforce, as the largest Internet provider of mailing and shipping services moves to reduce costs.
The cuts were made at all locations, including its Santa Monica, California, headquarters, and involve full-time, part-time and contract employees, the company said in a press release distributed by PR Newswire. The company wasn't immediately available for comment.
Two weeks ago, both Chief Executive John Payne and Chief Operating Officer Loren Smith resigned as the company said it was exploring alternatives. The company also said Chief Financial Officer John LaValle and Comptroller Candelario Andalon were leaving.
Stamps.com, which first sold shares to the public at $11 each in June 1999, rose 9 cents to $2.81 in early trading.
Oct/23/2000 9:34 ET
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