I’ve been AFK for a few days and just now catching up on the great links that people have been sending in.
In a sign of trouble in the online dating business, personals company Spring Street Networks has reduced its staff by almost half to 12 employees to stem losses, says Chairman Rufus Griscom.
The board has also removed chief executive Louis Kanganis. Spring Street runs personals for The Village Voice. Mr. Griscom wouldn’t comment on speculation that the company is up for sale.
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Something doesn’t make sense here. They raised $6m from Battery Ventures. How could they possibly be in trouble if they only had 24 employees? The average employess would have to make about $150,000 in order for them to run out of money in 1.5 years.
Any other info?
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