Thursday, August 2, 2007

Getty Images Cuts 100

Seattle-based Getty Images said yesterday that it has cut its workforce by about 100 employees, as part of a restructuring. The firm announced the move as part of an earning release, saying that the cuts are expected to save it approximately $20M in staff and staff related cost annually. Getty Images said it will take a charge of approximately $4.0M in the third quarter of 2007 related to the cuts. According to Getty, the move is part of the company's focus on managing costs effectively while investing in the areas of the business that provide the best opportunities for growth.