From the News and Observer:
Fast-growing technology company ChannelAdvisor is to announce this morning that it has raised $20 million and plans to cut about 70 employees in an effort to accelerate its push to profitability.
About 45 employees will be let go from the company’s headquarters in Research Triangle Park, CEO Scot Wingo said. The remaining layoffs will come from the company’s six other locations, including Atlanta, New York, the United Kingdom and Seattle.
What about Germany? Wonder if they are on the board next?—Jeff
[...] Pushing towards an IPO, the lay offs are an effort to control expense and move toward profitability. [...]
Pingback by ChannelAdvisor Acquires Another $20million In VC Funding | Acquisitions | Jack of All Trades — September 4, 2008 @ 11:49 pm |
It is interesting – the fact is that ChannelAdvisor has been running purely on Venture Capital. They have laid off most of their staff in their Australian operation after a huge year of growth, and destroyed many lives in the process. They have failed to pay their vendors as well! They have also laid off four vice presidents conveniently – sales, human resources, international and engineering. So it is down to the wire for this company. They have been running and spending above their means. Their internal financial reporting is a mess and how any company could expect to even think of IPO when until the end of the last financial year did their entire accounting system on excel is beyond me. I am one that was affected, and it has hurt many of us around the world that believed the spin that Scot and his close team told their staff. Shame on you – it is a typical case of ego driven and not management driven.
Comment by ex CA employee — September 20, 2008 @ 7:59 am |
Someone should look at how they managed to recently by Richfx (conveniently who went into bankruptsy) and now have to layoff staff. Insider job – the authorities should really speak to those that were involved – very suss.
Comment by ex CA employee — September 20, 2008 @ 8:11 am |
As a former RichFX employee who had the misfortune of wasting a year of his life in that unmitigated disaster, this doesn’t surprise me. That place was a nepotistic nightmare whose CFO was jailed for embezzlement and was being sued for patent infringement for stealing their core product. Should have quit after the first month but it was a five minute walk from my apt. Oh, and spend 3 seconds with the guy who became the CEO and tell me how he is not in a padded cell somewhere; he’s obviously already on some heavy meds.
Comment by cussinklaud — November 13, 2008 @ 4:21 pm |