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NEW YORK — Online community theglobe.com plans to eliminate 59 positions, or 31% or its work force, because of significant declines in the Internet advertising sector and continued wide-spread economic uncertainty.
The company said it will also reduce discretionary spending and contracted services.
The company expects the cost-reduction initiatives to save more than $8 million on an annualized basis and better position it to achieve profitability.
There have been no reductions in the company’s nationwide sales force, theglobe said.
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