SALT LAKE CITY — Utah-based online retailer Overstock.com announced Tuesday it would cut 3 percent of its total workforce.
Headquartered in Salt Lake City, the company also known as O.co, laid off about 50 employers from its nearly 1,500-person Utah workforce. O.co president Jonathan Johnson said the across-the-board cuts were the result of cost-saving measures.
"Every year when we do our budget for the next year, we figure out what our staffing needs are, and … it felt like it was the right time to take a little bit out," Johnson said.
He noted that the company will still likely add some new staff in the coming year, but the reductions were needed to lower operating costs. He also commented that these kinds of cuts are not unprecedented in the company's history.
"We've been in business 12 years and we've probably done this six or seven times," he said. "This is just really to try to make sure the business is 'lean and mean' and feels like it’s the right size."
Founded in 1999, Overstock had revenues in excess of $1 billion in 2010 and currently employs approximately 1,450 people — all in Utah.