Intershop: A third of staff shown the door

NEWS According to Stephan Schambach, CEO of Intershop, the job cuts, which account for 30 per cent of the company's US workforce, are the first stage in streamlining operations and focusing the US on expanding domestic sales and consulting. In a statement, Schambach added: "The US market is an integral part of our global growth strategy and this reorganisation will enable us to better target enterprise sales, gain greater penetration in key markets and expand our network of strategic partners." Further details of the restructuring will be disclosed on 31 January, when Intershop will report on its financial results for the fourth quarter. A spokesman for the firm refused to comment on whether job cuts can also be expected in Intershop's UK operations. Intershop's shares stood unchanged on Friday at $4.50 after the announcement.