LOT18 LAYS OFF 35% OF STAFF
LOT18 LAYS OFF 35% OF STAFF
Jan 8, 2013 6
(TheDrinksBusiness) - The company announced the redundancies yesterday at its New York office to 25 employees – 35% of its staff, according to technology website AllThingsD.
The cuts affected all areas of the business, including sales and marketing.
“We need to resource according to our new business model and operate the existing business more efficiently with considerably less burn,” CEO Jay Sung said in a statement.
It is the second round of layoffs in the past year for the startup, which has seen the company halve its staff from 90 a year ago to 46.
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