Buy.com to cut 100 positions
Buy.com plans to cut 100 positions from it 230-person staff, according to sources. Earlier this month, the company announced it would cut 25 jobs while slashing its sales targets for 2001.
Executives at Buy.com did not return phone calls seeking comment.
One of the few remaining Web-only retailers, Buy.com has been rattled by tough economic times and executive departures. The company's chief executive and chief financial officer resigned two weeks ago following the company's announcement that it missed fourth-quarter estimates.
Aliso Viejo, Calif.-based Buy.com reported a fourth-quarter loss of $27.4 million, or 20 cents per share--compared with analysts' expectations of a loss of 19 cents. The company also cut 2001 sales projections from $1.05 billion to $600 million.
Buy.com's share price has slid since its initial public offering a year ago. Peaking at $26.40, shares have since declined to less than a dollar. -- Greg Sandoval and Troy Wolverton, Special to ZDNet News