Israeli video sharing companyMetacafe Ltd. is firing 11 employees today, 15% of its workforce. All the layoffs are at the company's Israel branch, and it is possible that there will also be firings in the near future at Metacafe's American office, which has 15 employees.
Metacafe's director of Israeli Operations, Yaron Finkel confirmed the report. "As part of the global economic situation, we have understood that we must adapt ourselves to the situation - to cut the company's operational costs in order to better manage our expenditure. As part of this process, we have fired 11 employees in our Israel branch. We are still in a good situation and we have money in the bank, and this process is intended to ensure the company's long-term activities."
Finkel added, "In the US, we are currently undergoing a process of retraining current employees for sales functions, in order to stress generating income from the site. At the moment there will be no additional layoffs. After the current round of layoffs, 50 employees will remain in our Israel office."
Metacafe fired seven employees in June after deciding to focus on creating platforms for its site.
Published by Globes [online], Israel business news - www.globes-online.com - on November 12, 2008
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