Austin, Texas (CaymanMama.com) Struggling under the weight of the advertisement-driven economy, AOL LLC is now finding new ways to survive by eliminating approximately 36 percent of its workforce while still in preparations to separate from Time Warner Inc. in December.
Though financial analysts expected AOL to conduct layoffs, the extent of the job cuts were unknown until Thursday. The Internet company currently employs 6,900 people, but is asking for 2,500 volunteers to accept the offered buyout.
If AOL is unable to meet that volunteer number, the company will be forced to layoff up to 2,300 positions, accounting for one third of its total workforce. Doing so would cut annual expenses by nearly $300 million, though the eliminations still require approval from the new AOL board.
According to the Associated Press, AOL spokeswoman Tricia Primrose would not say where the new cuts would occur or what positions they would involve. The company is based in New York but also has major operations in Northern Virginia.
The offer for volunteer buyout has been extended to all employees from Dec. 4 though Dec. 11, Primrose said.
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