New York (EON) – Monster Worldwide, home of the job web site Monster.com has announced they are going to cut 800 jobs as part of a restrucuring program.
This means that 15% of the Monster workforce is being let go by the company. The hope by Monster is that this restructuring will allow for a more streamlined functioning of their operation. The job cuts are going to affect North America for the most part only.
The plan will reduce annual operating expenses by $150 million.
The company revealed a 28% drop in second-quarter income stating that severance and legal expenses harmed the results greatly.
The shares of Monster were down 70 cents to $37.20.
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