PlanetRx.com
This article was originally published in The Tan Sheet
Executive Summary
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