beenz staff canned

Web currency company, Beenz.com, has informed its 260-strong workforce that two of its 10 overseas offices are being shut down, with the possibility of further closures in the near future.

The company is still considering which offices to close although New York and San Francisco will lose 25 out of a total of 46 staff. The company said in a brief statement that regional management teams are evaluating the state of their businesses and will act in a fashion similar to the US if necessary. Details of the appraisal will be delivered to boardroom staff by March 2001. Beenz offers loyalty points, or 'beenz' that can be redeemed for goods at other participating websites. The company will seek a strategic partner for 'beenzCodes' technology targeting the offline market. Larry Ellison, CEO of Oracle, is among the company's investors.