Autobytel Inc., an Internet automotive marketing services company, said Friday it has eliminated an additional 75 jobs under a cost-cutting plan it began last year, citing a tough economic environment.
In addition, Autobytel said that it has retained RBC Capital Markets Corp. as a financial adviser to help it explore strategic alternatives including the possible sale of the company.
Autobytel said it expects to save about $10 million each year as the result of the job cuts, which represent about 35 percent of its work force, and the elimination of certain other expenses.
As a result of the job cuts, Autobytel said it expects to record severance and other employee-related charges totaling about $2.2 million in the third and fourth quarters.
Company officials said the moves were needed to help the company improve cash flow and reach profitability as it deals with a tough economy.
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