I know this is off topic...(Because it relates to Amazon.com)......Are these guys still the largest supplier of "NEW MEDIA" for Amazon. (they used to be)
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Thursday June 29, 10:53 am Eastern Time
Valley Media lays off 170 employees
WOODLAND, Calif., June 29 (Reuters) - Music and video distributor Valley Media Inc. (NasdaqNM:VMIX - news) said on Thursday it would lay off 170 people from its administrative and operations staff in an effort to bring the company back to profitability.
``This company has been profitable for more than 20 years, and I have a responsibility to our remaining employees and to our shareholders to ensure that we are profitable again,'' said Barney Cohen, the company's founder and acting chief executive.
The layoffs come six weeks after its chief executive Robert Cain resigned without explanation. The company on May 25 reported a fourth quarter loss of $5.2 million, or 62 cents a share, compared with a profit of $1.2 million, or 24 cents a share in the year earlier period.
Around 100 people would be laid off from its administrative staff, a 22 percent reduction, mostly from its Woodland, Calif. headquarters. The company's Woodland, Calif, and Louisville, Ky., operations workforce will be reduced by 70 employees. Valley Media also said it would eliminate 60 more open positions on June 30.
These job cuts follow an almost 30 percent reduction in overall staffing levels since December 1999, primarily through attrition and the elimination of all seasonal and most temporary employees. The stock was trading at 3, down 3/8, in early Nasdaq trading, after an earlier halt for new dissemination. |
