In an increasingly bad week for dotcoms, online currency provider beenz.com 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 beenz.com 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)