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Bluefly Inc. streamlines operations

Bluefly Inc., the online retailer selling designer fashions — including home — at discount prices, announced that it is streamlining its operating plan in an effort to achieve profitability in the fourth quarter of 2002, improve efficiency and reduce the need for additional capital.

As a result, the company will eliminate about 32 jobs, approximately 34 percent of its work force, and reduce marketing and other operating expenses. The company expects to record a pre-tax charge of approximately $600,000 in the second quarter of 2001 in connection with these cutbacks.

"The decision to reduce overhead and streamline our operations was not an easy one, but it clearly was required if Bluefly is to become profitable before the end of 2002," said Ken Seiff, ceo.

Bluefly also announced the addition of Josephine Esquivel to its board of directors.

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