PlanetOut (LGBT) Sees Workforce Reduction of 15%

July 17, 2007 4:31 PM EDT

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.

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