TheStreet.com

TheStreet.com shuts San Francisco office

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Financial news site TheStreet.com closed its San Francisco office Friday, resulting in around a dozen job cuts, the company said. The layoffs are part of broader effort announced last month to reduce costs amid the slumping economy, said Rebecca Updegraph, spokeswoman for TheStreet.com.

Virtually the entire editorial staff in the San Francisco office was let go. Some of them may be asked to work as freelance writers, although the details are still being worked out, Updegraph said.

Some ad sales will remain in San Francisco.

The cuts by TheStreet.com, best known for its frenetic co-founder and columnist, Jim Cramer, coincide with a major retrenchment across the media industry. The New York-based company reported a loss of $1.1 million in the third quarter, versus a $3.8 million profit in the same period a year earlier.

Posted By: Verne Kopytoff (Email) | November 14 2008 at 03:11 PM

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