Andale trims staff, pushes up profit target
Auction management company Andale furloughed 10 of its 60 employees on Friday, in an effort to speed its path to profitability. Andale Chief Executive Munjal Shah likened the personnel move to an unpaid leave: Andale paid the employees a stipend and will continue to pay for the employees' health insurance. The Mountain View, Calif.-based company hopes to have the employees return to work by the end of the first quarter, he said. As a result of the furlough, Andale expects by February to reach profitability, minus non-cash charges related to its acquisition of Honesty.com last year, Shah said. Previously, the company, whose Freedom software helps sellers list on auction sites such as eBay, had expected to reach cash flow profitability in August of next year. Andale laid off a number of its workers following that merger. Rival auction service companies such as AuctionWatch and FairMarket have also shed staff this year.
As a result of the furlough, Andale expects by February to reach profitability, minus non-cash charges related to its acquisition of Honesty.com last year, Shah said. Previously, the company, whose Freedom software helps sellers list on auction sites such as eBay, had expected to reach cash flow profitability in August of next year. Andale laid off a number of its workers following that merger. Rival auction service companies such as AuctionWatch and FairMarket have also shed staff this year.