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Online auto seller Autoweb.com Inc. plans to cut its workforce by about 25 percent in a cost-cutting move expected to save more than $10 million annually, according to Reuters.
Autoweb officials say the reduction in operating expense coupled with its strong cash position will further the company's plans to move quickly to profitability.
"This decision was the result of careful deliberation by our executive team and the board of directors," Jeffrey Schwartz, CEO of Santa Clara, Calif.-based Autoweb told Reuters.
"We needed to take the necessary steps with this re-engineering initiative to deliver value to our shareholders and business partners."
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