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Beenz Announces Job Losses and Office Closures

News, 20 December 2000

In an increasingly bad week for dotcoms, online currency provider has announced plans to shed jobs and shut overseas offices.

Chief executive Charles Cohen said that the London-based company was reviewing its overseas operations with a view to shutting some of them down in 2001. It is also looking to cut around 18 jobs (20% of the total) in the UK through voluntary redundancies.

However, he added that had enough funding to reach profitability within 18 months and was seeking a strategic partner to accelerate the process.

Cohen blamed beenz’ problems on the spiralling number of dotcom failures. “Our customers, particularly in the consumer space, are mostly dot-coms and those guys are in a lot of trouble,” he explained. “We have had cases where we have signed a contract on a Friday and they have gone out of business by Monday”.

News source: The Times (London)