Financial information site cuts back

Financial research site TheStreet.com appears to be in trouble. The company has announced staff cuts as well as the closure of UK operation, TheStreet.co.uk.

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By  Mark Sutton Published  November 26, 2000

Financial information site www.TheStreet.com appears to be in trouble. The company is cutting 40 jobs from its US operations, some 20% of its staff, and closing its UK site completely, despite the fact that the UK site was reported to have made a profit since its flotation in May 1999.

A statement from disgruntled TheStreet.co.uk ex-employees read: "It's another Internet collapse. But one with a difference. TheStreet.co.uk hit all its financial targets during its brief life, including cashflow."

TheStreet.com also ended a strategic partnership with the New York Times. Both moves are thought to be intended to ensure that the US site reaches profitability.

A US spokesman claimed that TheStreet.co.uk had accounted for $9 million of its losses to September this year. Thomas J Clarke, CEO said: "We're in this for the long haul. And to go the distance, we must operate at peak efficiency while continually exploring ways to grow top-line revenue.”

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