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Sporting goods store changes gears online sporting goods store cuts 20 workers as part of a companywide restructuring. online sporting goods store has laid off 20 workers as part of a companywide restructuring.

As part of the restructuring, president Ken Blue has resigned. Chief financial officer Joe Kenny and chief marketing officer Kevin Quigley have taken over as co-presidents of the Seattle-based company.

Quigley said the changes were part of a "mid-course" correction by that would ensure the company's survival "well into next year."

"We've gone through a hyper-growth stage," Quigley said. "We're now focusing on planned growth, an operating mentality."

The layoffs affect about 30 percent of the company's work force. The laid off employees were given severance packages, Quigley said.

The news is only the latest in a string of dot-com disappointments. On Friday, jewelry e-tailer closed shop, laying off some 77 employees. is only the latest partner to face tough times. Online grocer went through two rounds of layoffs this summer. closed its doors and filed for Chapter 11 bankruptcy protection last month.

Amazon, which owns significant stakes in and Kozmo, bought a 49 percent stake in last year.

Quigley said, which raised $12 million in second-round funding in July, has enough cash to last the company until after the holiday season.