Tuesday, October 10, 2006

InfoSpace Cuts Staff

Bellevue, Washington-based InfoSpace is the latest area firm to see layoffs, saying this afternoon that it has implemented a restructuring plan that will eliminate approximately 250 positions. The firm said in a release that it will take a pre-tax restructuring charge of $6.5M for severance costs, and between $6 and $7M for other charges. The firm said the layoffs were due to early disclosed revenue loss beginning in early 2007. Infospace disclosed in September that one of its carrier partners has chosen to develop direct licensing relationships with the major record labels beginning in early 2007.