Friday, September 26, 2008
Autobytel Cuts 35 Percent Of Staff, Looks For Buyer
Irvine-based Autobytel said Friday morning that the firm has cut 75 positions, or approximately 35% of its workforce, and hired an investment bank to "review strategic alternatives" for the firm. Autobytel said it has hired RBC Capital Markets to explore "strategic alternatives" at the firm, which usually indicates that a company is looking for a buyer. Autobytel blamed the move on a challenging economy, saying that it expects the firm will be a leaner, more focused company "right-sized" to compete in the current economic climate. Autobytel provides marketing services for automotive dealers. The firm said it expects to save $10M annually as a result of the layoffs and elimination of other expenses.