LOS ANGELES-In a move to decrease costs, Youbet.com Inc. said it will immediately reduce its work force by 29 percent, or 34 employees, and combine its online horseracing and sports-related products into a single Web site.
In conjunction with the restructuring, Youbet said A.L. Frank, the company’s president and chief operating officer, has left the company. Executive Vice President Ron Luniewski has been named to the additional post of COO, replacing Mr. Frank.
The interactive-technology firm said the job cuts are intended to conserve cash in order to continue the development and expansion of its core horseracing business, including the introduction of its Internet-based product.
“We have taken these necessary steps in our efforts to be conservative in our operating expenditures while maximizing our resources for greater efficiency,” said Robert Fell, chairman and chief executive officer. “In recognition of the status of the current finan cial markets, we need to conserve cash and optimize our resources to proceed effectively in our core operating business.
The company didn’t immediately disclose whether the job cuts will result in a charge against earnings.
In addition, Youbet (UBET) s aid Alan W. Landsburg resigned from the company’s board because of his appointment to the California Horse Racing Board.
Youbet currently provides network members the ability to watch and, in most states, the ability to wager on a wide selection of coast-to-coast thoroughbred and harness horse races via its exclusive closed-loop network.
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