IDW Cuts Two-Fifths of Employees, Executives, Stock Exchange Listing idw
and IDW Entertainment , today announced a series of major cuts and changes which they cite"in response to operational challenges to position the Company for recovery and future growth." Amongst other actions, that means"cutting approximately 39% of its current workforce." Bleeding Cool understands that IDW has just finished holding an all-hands meeting to give the bad news. Unless you are one of the Jonas family who currently own much of the media publisher.
IDW states that they will be"retaining essential personnel who are most directly related to preserving current operations and launching the Company on its new trajectory." I notice that former Bleeding Cool editorIDW states that"the reduction in force and other steps, after the effect of backfilling certain positions, is expected to deliver approximately $4.4 million in annual savings and is currently expected to result in approximately $0.
And yes, it's probably time to watch the Wolf Of Wall Street again to remind me how this all works."The Company intends to file an application for its Class B common stock to be quoted on the OTCQB platform, operated by OTC Markets Group Inc. as soon as practicable.
"We appreciate Allan's industry experience and efforts on IDW's behalf during the last eight months as CEO and for over three years prior to that as a member of the Board and Chairman of the Audit Committee," added, IDW's Chairman.
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