EBay Lays Off 1,000; Buys Bill Me Later
BY Staff -- Gifts and Dec, 10/6/2008 1:52:00 PM
San Jose, CA — Online auction site EBay Inc. will cut about 1,000 employees, or about 10 percent of its work force; it will eliminate about 600 temps and reduce open positions as well, according to Bloomberg. The cuts are aimed at helping the performance of eBay's marketplace division, whose declining single-digit growth is outpaced by the double digit growth of e-commerce in general. It’s not yet clear how the cutbacks may impact eBay’s customer base, including the many brick-and-mortar retailers who maintain eBay storefronts.
One part of eBay's new moves, at least, ought to give retailers and consumers more choices: eBay is acquiring Bill Me Later, a Timonium, MD, online payment firm, for $820 million in cash and $125 million in outstanding options. (For more on Bill Me Later, see “Paying Forward,” an article on alternative payment methods from the February issue of Gifts & Decorative Accessories.) EBay will combine the company with its PayPal division. The company will also buy Danish classifieds site dba.dk and vehicles site bilbasen.dk for $390 million in cash. EBay has been building a portfolio of classified sites, including a minority stake in Craigslist.
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