TheStreet (TST) Implements Targeted Reduction in Force, Termination of Certain Vendor Services
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On March 27, 2012, TheStreet, Inc. (NYSE: TST)) implemented a targeted reduction in force and committed to terminate use of certain vendor services and assets reflecting previously capitalized costs.
The actions were taken after a review of the Company’s cost structure with the goal of better aligning the cost structure with the Company’s revenue base. The Company presently estimates that in connection with these actions, it will incur approximately $1.6 million to $1.9 million of costs in the aggregate, including approximately $0.8 million to $0.9 million of employee severance expenses and approximately $0.8 million to $1.0 million of costs associated with the termination of use of certain vendor services and assets reflecting previously capitalized costs. The Company presently estimates these costs in the aggregate will result in approximately $0.9 million to $1.0 million of future cash expenditures.
The actions were taken after a review of the Company’s cost structure with the goal of better aligning the cost structure with the Company’s revenue base. The Company presently estimates that in connection with these actions, it will incur approximately $1.6 million to $1.9 million of costs in the aggregate, including approximately $0.8 million to $0.9 million of employee severance expenses and approximately $0.8 million to $1.0 million of costs associated with the termination of use of certain vendor services and assets reflecting previously capitalized costs. The Company presently estimates these costs in the aggregate will result in approximately $0.9 million to $1.0 million of future cash expenditures.
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