TheStreet.com Cuts 20% of Workforce

TheStreet.com Inc. (TSCM Quote) Wednesday said it would cut its workforce by 20% in a drive to slash annual costs by $15 million.

The cuts were especially deep in the newsroom, with layoffs hitting more than 30% of the editorial staff, including several senior editors. This is the second round of layoffs at TheStreet.com following a similar cost-cutting move last fall.

The New York-based publisher of financial news, which publishes this Web site, said it would also sublease office space and cut discretionary spending in areas such as contract services, marketing and travel. TheStreet.com said the changes come in "response to fundamental changes in the economic environment" and added that it has some $60 million in cash on hand.

Shares of the company dropped a quarter Wednesday to $1.94.