Friday, October 17, 2008

Zillow Cuts 25 Percent Of Employees

Seattle-based online real estate site Zillow said Friday that it is reducing its workforce by 25 percent. According to Zillow CEO Rich Barton, the firm concluded that it had "no choice" but to "batten down the hatches as we sail into a major economic storm." The number of employees affected by the news was not disclosed. Barton explained that althouh Zillow has "sizeable cash reserves," the firm decided it needed to reduce expenses so that it would emerge on the other side of the recession in a very strong position.