PlanetRx.com
This article was originally published in The Tan Sheet
Executive Summary
Eight-for-one reverse stock split cleared, keeping company on NASDAQ, e-tailer announces Dec.1. Shareholders also approve doubling of number of common shares and authorize access to $50 mil. in equity financing from Alpha Venture Capital. The e-tailer cut operating costs and laid off 70 employees this summer (1"The Tan Sheet" Oct. 30, p. 12 and 2June 19, In Brief)
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PlanetRx.com
Cost-saving measures include layoffs of 70 employees, evenly split between the online drugstore's San Francisco headquarters and Memphis, Tenn. distribution center the week of June 5, as well as reductions in ad spending. PlanetRx.com, which currently has approximately 380 employees, plans no further staff cuts. The firm says it is moving toward meeting its goal of total cash expenditure reduction of 8%-12%, announced at the end of the first quarter. Also, chief technology officer James Chong has resigned and will not be replaced
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