Auctionbytes-NewsFlash, Number 146 - August 22, 2001 - ISSN 1539-5065
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FairMarket Trims 35% Of Its Staff
By Ina Steiner
AuctionBytes.com
Auction service provider FairMarket announced that it had laid off 38 employees on Wednesday. The cost-cutting measure was a response to lowered revenue expectations for 2001. Revenues for the Woburn, Mass. company are expected to be down nearly 20 percent from last year. According to Janet Smith, FairMarket's CFO, the cuts were made across all departments in the company, although they did not affect any executives. There have been over 100 layoffs at FairMarket during the past year. FairMarket has developed auction sites for such companies as Dell Computer and Microsoft. http://www.fairmarket.com
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