TheStreet.com cofounded by Jim Cramer lays off 18 employees

[RamboLiberal]

You would think a website that reports almost exclusively on the business market would be the safest place for a reporter right now. You'd be wrong. TheStreet.com, co-founded by CNBC star Jim Cramer, laid off 18 staff members today, reports paidContent.

The cuts, which is roughly six percent of the sites staff, are an attempt by the company to save $2.4 million. This reduction does not come long after the site's CEO, Thomas Clarke, announced his departure. He officially leaves the company today. A search for Clarke's replacement has just started.

This is the second set of layoffs that has plagued TheStreet. At the end of 2008, TheStreet had laid off 11 percent of its staff.

http://www.mediabistro.com/mediajobsdaily/layoffs/layoffs_at_thestreetcom_111898.asp

[havocmom]

1. does the beady eyed weasel still profess to be a good thing for the economy?

He should choke on his words.

[Canuckistanian]

2. What? He didn't give a bonus to retain them?

Now they'll go somewhere else and take their talent with them.

[malaise]

3. Jom Cramer will soon be on

the street.

[Historic NY]

4. "The fundamentals of the economy are good", Just no money to pay employee's eh JImmy boy.