eBay-owned Butterfields laid off 20 employees in its Los Angeles office this week, eBay spokesman Kevin Pursglove said. The San Francisco-based traditional auction house, which eBay bought in 1999, will have about 140 employees after the job cuts. The layoffs didn't focus on any particular department, but hit "across the board," Pursglove said.
Despite posting record revenue and earnings overall on Tuesday, eBay reported that sales in its offline units, including Butterfields, dropped from $10.8 million in the fourth quarter of 2000 to $7.8 million in the fourth quarter of 2001. The job cuts were a result of a re-evaluation and restructuring of Butterfields' business following the economic downturn, Pursglove said. Butterfields cut 15 percent of its staff in November 2000.