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Motley Fool In New Round Of Cuts

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NEW YORK -- Motley Fool Inc. said it has laid off 45 employees, part of a broader long-term restructuring and the second round of layoffs in the last few months.

The personal-finance Web site, based in Alexandria, Va., cut 45 people, leaving 175 employees. The company said that a similar restructuring effort would likely bring about layoffs in the United Kingdom office later this month.

The site (www.fool.com) laid off 115 people, or one-third of its staff, in February.

Other investment-related sites have cut staff recently, including Marketwatch.com Inc. (MKTW) and TheStreet.com Inc. (TSCM), which have both slashed jobs in recent months in an effort to control costs.

Motley Fool co-founders David and Tom Gardner said in a prepared statement on the Web site that the company was cutting the jobs to improve its longer-term prospects. Affected employees will receive one month of severance pay and outplacement resources.

Closely held Motley Fool doesn't release revenue or earnings information, but the company says it had 2.4 million unique users in April, compared with 1.8 million users in April 2000.

The company completed a $30 million second-round of financing from AOL Time Warner Ventures, Softbank Finance Group, Maveron and Mayfield Fund in January, in addition to $26.5 million raised in September 1999.

Copyright (c) 2001 Dow Jones & Company, Inc.