PlanetOut (LGBT) Sees Workforce Reduction of 15%
More News related to LGBT
- Gay.com (LGBT) and TheKnot.com (KNOT) Announce Cobranded Site - GayWeddingsByTheKnot.com
- Gates' Cascade Investment Boosts Stakes in Coca-Cola FEMSA (KOF) and Fomento Economico Mexicano (FMX), Liquidates Stake in Pacific Ethanol (PEIX)
- PlanetOut (LGBT) Enters Into Binding Letter of Intent for Sale of Publishing Business
- PlanetOut (LGBT) Sees Workforce Reduction of 15%
- PlanetOut Inc (LGBT) Closes Offices in Buenos Aires and London
More News related to Corporate News
- S&P Announces Change to US Index: LL for UCBH
- Electronic Arts (ERTS) Makes Major Job Cuts As Q2 Profits Lag
- Kraft (KFT) to Ask Holders to Vote to Issue New Shares
- Sprint Nextel (S) Aims to Reduce Labor Costs by $350M in Q409
- Highlights From DISH's Q3 Conference Call - Q&A Session
In Today\'s 8-K Filing From PlanetOut (Nasdaq: LGBT): At a meeting of PlanetOut Inc.’s Board of Directors on July 11, 2007, the Board adopted and approved a reorganization plan to align the Company’s resources with its strategic business objectives. As part of the plan, the Company plans to close its international offices in Buenos Aires and London to streamline its operations and reduce expenses.
The reorganization, along with other organizational changes, will reduce the Company’s total workforce by approximately 15%. Restructuring costs, primarily related to employee severance benefits in the range of approximately $500,000-$600,000 and facilities consolidation expenses in the range of approximately $50,000-$100,000, are expected to total approximately $550,000-$700,000 and will be taken primarily during the third quarter of 2007. The Company expects to be able to complete this restructuring in the third quarter of 2007.
Related Categories
Corporate NewsStocks Mentioned
+0.00Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
