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PlanetRx.com

This article was originally published in The Rose Sheet

Executive Summary

Cost-saving measures include layoffs of 70 employees (15% of total workforce), evenly split between online drugstore's San Francisco headquarters and Memphis distribution center, as well as reductions in ad spending. PlanetRx.com, which now has approximately 380 employees, plans no further staff cuts. The e-tailer says it is moving toward meeting its goal of total cash expenditure reduction of 8%-12%, announced at the end of the first quarter. Second quarter revenues are expected to total $9 mil., less than previous projections. Also, Chief Technology Officer James Chong has resigned and will not be replaced. PlanetRx has retained Goldman, Sachs to review strategic options
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