eBay to Cut 15% of Butterfields Staff
eBay
plans to lay off 15% of the employees at its Butterfields auction house, according to reports.
The company, which is based in San Jose, Calif., acquired Butterfields in April 1999 for $260 million in stock in order to break in to the high-end art and collectibles markets.
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eBay will cut 32 out of about 200 positions at Butterfields. Company representatives weren't immediately available for comment.
Shares of eBay were recently down $5.31, or 9.4%, to $51.38 in
Nasdaq
trading.
