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Quick Hits: eBay Auctions Off Employees


Brief scrutiny of today's headlines.

The Internet auction company eBay (EBAY) says it will lay off 10% of its workforce, or about 1,000 permanent employees and several hundred temporary workers.

The company says the cutbacks are unrelated to the slowing economy and represent an effort to improve the performance of its core marketplace division, which has posted single-digit growth in the last several years. The action will result in a pretax restructuring charge of $70 million to $80 million and most of the amount will be recorded in the fourth quarter of 2008.

The company also announced 2 acquisitions intended to boost its position in online payments and classified.

In payments, the company is acquiring the US-based online payment company Bill Me Later for about $820 million in cash and about $125 million in outstanding options.

In classified, eBay acquired Denmark's leading online classified site,, and vehicle site,, for about $390 million in cash.

For more on eBay, check out Hoofy and Boo's always astute report.
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