Skip to main content Inc. to Cut 20% of Work Force

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  • Publish date: Inc.


will reduce its work force across the board by 20%, close its U.K. operation, and wind down its joint-venture newsroom with

The New York Times

by the end of the month.

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"We remain deeply committed to high quality journalism," said David Kansas, Editor-in-Chief at "We have made tough choices that we expect will make our business stronger -- while not straying from our mission to educate and inform our readers. We will continue to provide insight that can't be found anywhere else, online or offline." said the moves are part of a cost-cutting plan designed to make the company cash flow positive by the second half of next year.

In its U.S. operations, the company has reduced its headcount by 20%, or about 40 full-time employees, across all locations. The job cuts are company-wide in order to mitigate the impact on any specific department. owns 63% of

, which was going to run out of money by Dec. 31. The U.K. operation accounted for almost $9 million of the company's consolidated losses for the nine months ended Sept. 30.