Sunday, November 16, 2008

TheStreet.com closes SF office, lays off a dozen

The financial news site TheStreet.com, co-founded by outlandish TV stock analyst Jim Cramer, closed its San Francisco office on Friday, putting about a dozen journalists on the street. While the market meltdown has helped TheStreet increase its unique visitors by 27 percent in the third quarter compared to last year, the company posed a surprise loss, missed its third-quarter sales estimates and shook up its boardroom, naming Cramer as chairman, Silicon Valley Insider reports.

While firing journalists, TheStreet intends to maintain an ad-selling presence in San Francisco.

According to TheStreet's masthead, Michael Goodman was its SF bureau chief. A source tells Conde Nast's Portfolio.com that Goodman will be staying with the company. (Photo credit: CNBC)

1 comment:

Anonymous said...

As rich as Jim Cramer is, I hope he paid each of them very generous severance packages.