Louisville-based CafePress cuts 7% of workforce, COO resigns
LOUISVILLE, KY (WAVE) - Louisville-based CafePress said they will reduce their workforce by 7% and restructure the company's organizational and management structures on Thursday, including the executive leadership team.
Chief Operating Officer Robert D. Barton submitted his resignation in connection with the announcement. Two Board members, Roger D. Shannon and Laurie Furber, also resigned, effective immediately.
This is the second round of layoffs made by the company in 2018; the first was in January.
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"As previously stated, it has been our top goal for 2018 to return to profitability and to stop cash burn. The first round of cuts made in January put us within striking distance of profitability," CEO and Co-Founder Fred Durham said in a statement. "With this second round, we believe we have attained the necessary balance to once again be a profitable company. This is a major milestone. We are committed to working as hard as ever to further improve upon this position through both growth initiatives as well as continued enhancements to cost and efficiency."
In a press release, the company said declines in revenue are related to changes in search algorithms have negatively affected its search visibility and traffic.
CafePress, founded in 1999, plans to save $0.6 million in 2018 as a result of the changes. They will also decrease spending in fixed costs and software development by an additional $3 million.
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