Woburn, MA-base FairMarket Inc., a company that provides e-business selling and marketing solutions with dynamic pricing technology, today laid off 38 employees. The company said the move was necessary to “weather the current economic conditions.” The company says the workforce reduction will not affect its future business initiatives or impact its level of service to current clients, which include Dell Computer Corp. and CompUSA. Nanda Krish, interim CEO, says the company remains in strong financial position, having closed the second quarter with $67 million in cash and no debt.
FairMarket has been adjusting for the bad economy for several months now. In May, it cut 40 jobs to meet its goal of operating cash flow break even by Q1 2002. At the same time, CEO Eileen Rudden and board member Richard Pallan resigned. The company also closed its Australia office, transferring service to those customers to its U.S. operation.