PaperExchange, majority owned by Internet
Capital Group (ICGE),
fired 17 of 125 employees last week, mainly in its sales, marketing and
administrative departments, confirmed Kent Dolby, PaperExchange's CEO.
Dolby says the layoffs were made necessary
after the company decided to focus less on its online exchange for excess paper
products, and concentrate instead on developing and selling Internet-based
business applications for the pulp and paper industry.
"We are focusing our efforts on
providing e-business solutions, so we are adding people on the technology side,
while we had employee imbalances in other parts of the company," Dolby
said.
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