Asia Online Closes North American Ops
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[ASIA] Pan-Asian ISP and ASP Asia Online Ltd. is cutting approximately 200 more positions and closing its North American offices.
The latest staff cuts bring the number of remaining employees to just over 700, a public relations spokesperson confirmed Tuesday. Twenty-three people from offices in Canada and the United States will lose their jobs with the closure of the company's offices there. In November Asia Online announced it would lay-off 56, and offered no indication at that time that further payroll reductions were scheduled.
The year 2000 has not been kind to Asia Online. The company's 3Q2000 results noted the company had incurred greater losses over the previous quarter. On October 31, the company named Ed Roberto president and chief executive officer, replacing Kevin Randolph, who departed Asia Online "by mutual agreement," according to one source.
Founded in Hong Kong in 1994, Asia Online withdrew a planned $100 million initial public offering on the U.S. Nasdaq exchange on September 26. Having raised over $80 million in funding earlier this year, the company likely occupies a relatively strong cash position without a public listing, although it had planned to use the additional funds for expansion plans.