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COOLSAVINGS, PROXICOM SLASH JOBS

Published on .

CoolSavings, a Chicago-based company that focuses on online ads and promotions, and online consultant Proxicom became the latest Internet-focused companies to announce layoffs and corporate restructurings. CoolSavings said that it would let go 67 people, accounting for 24% of its workforce. The company said that it made the cuts in an effort to achieve profitability during the second half of the year. The cost-cutting also included reductions in the budgets for marketing, general, administrative and technology expenses.Separately, Proxicom said that it would lay off 19 percent of its staff, or 227 people during the first quarter. Seventy-eight percent of the cuts will happen in the U.S.The company also revised its estimate for first quarter revenue downward, to $39-41 million from an earlier analyst consensus estimate of $53 million. -- Cathy Taylor

Copyright March 2001, Crain Communications Inc.

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