The Motley Fools: More Cutbacks @ The Fool

» JenL_2 - More Cutbacks @ The Fool

More Motley Fool Retrenching from 6/7 WSJ:

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Publisher Motley Fool Announces Another Round of Staff Cutbacks

By STEPHANIE MILES

Motley Fool Inc. said it has laid off 45 employees, part of a broader long-term restructuring and the second round of layoffs in the last few months.

The personal-finance Web site, based in Alexandria, Va., cut 45 people, leaving 175 employees. The company said that a similar restructuring effort would likely bring about layoffs in the U.K. office later this month.

The site http://www.fool.com laid off 115 people, or one-third of its staff, in February.

Other investment-related sites have cut staff recently, including Marketwatch.com Inc. and TheStreet.com Inc., which have both slashed jobs in recent months in an effort to control costs until the market turns around.

Motley Fool co-founders David and Tom Gardner said in a statement on the Web site that it was cutting the jobs to improve its longer-term prospects. Affected employees will receive one month of severance pay and outplacement resources.

Closely held Motley Fool doesn't release revenue or earnings information, but the company says it had 2.4 million unique users in April, compared with 1.8 million users in April 2000.

The company completed a $30 million second-round of financing from AOL Time Warner Ventures, Softbank Finance Group, Maveron and Mayfield Fund in January, in addition to $26.5 million raised in September 1999.

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another victim of The Bear....IMHO they'll be OK when The Bull takes off again, but I'm already noticing more caution in their comments on the radio, more call for diversification, asset allocation, investing in index funds as opposed to individual stocks. The Bear has been a humbling learning experience for us all.....Jen

-- posted by JenL_2