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Netcentives Cuts Staff Almost In Half

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Posted August 1, 2001 By Michael Singer     Feedback

Employee list is now down to 180 after online marketing firm slashes 165 jobs in San Francisco, New York and Phoenix.

Despite a rosy outlook complete with new deals with AOL and beenz, Netcentives (Nasdaq: NCNT) Wednesday says it must let nearly half of its staff go.

Some 165 jobs will be cut from the 345 workers on staff. The cuts affect the company's San Francisco, New York and Phoenix offices.

"At our current cash level, we have come to a critical point in the company's history where continued operations are contingent on an additional cash infusion and further managing down our cost structure, which includes work force reductions," says Netcentives CEO Eric Larsen.

Larsen says the restructuring is necessary to reduce debt and divest some assets.

The San Francisco-based online marketer is known for its personalized e-mail rewards and customer recognition services.

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