By Joey Gardiner, 14 May 2002 17:20
NEWS Struggling online car seller Autobytel has cut 15 per cent of its 270 staff in a bid to save $4m a year in staffing bills. In a statement, president and CEO Jeffery Schwarz said the move was the result of a simplification, streamlining, and considerable focus on business operations. The company posted a net loss of $18.5m on revenues of $20.7m last quarter after it had to write-off the value of its European operations. Schwarz said he still remained "quite" confident in his company's business model. Shares rose 2.4 per cent on the news in early US-trading.
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