drugstore.com Cuts 10 Percent of Workforce
Page 1 of 1
drugstore.com late Friday said it is planning "organizational changes" that include the eliminatin of 60 positions, or 10 percent of its total workforce.
The steps are being taken to "continue executing on its strategy of sustainable growth," Peter Neupert, President and CEO, said in a statement.
"We believe we're making these decisions from a position of strength. We are the No. 1 online drugstore, and we successfully raised another $63 million in August, despite a very challenging capital markets environment.
"We believe these cost-cutting steps are prudent and appropriate actions that are consistent with our stated strategy of achieving sustainable growth, while conserving cash on hand," Neupert said.
will announce third quarter results on Monday. Results are expected to be in line with expectations.