Our wonderful friends in Phoenix have had to make the tough decision to slash jobs across the country. The one time up and coming job board with the video and blogs, plus $65 million in investments, is slowly winding down their business operations across the country with their local approach. The so-called "franchise" model of local offices is failing as the economy weakens. Gone are several Director level positions plus sales and marketing people from coast to coast.
The future is not a bright one for the company that spent close to $1 million at SHRM just a few months ago. We have to assume Matos (CEO) and team were attempting to unload the business and showing the brighter side of things at this years SHRM conference. The executive night out at the Cubs game obviously didn't go off as planned.
What's next for this at one time up and coming organization? They are ripe for a buyout as staff leaves, revenue falls and the investors are looking for a return on their at this point close to $75 million investment.
Many in the industry are wondering how Matos and team could have gone through so much cash in only 2 years. The future is dim - let's see if they can pull a rabbit out of a hat and keep the doors open.