Tom.com to cut 80% of travel site staff

By Bloomberg, Singapore.CNET.com
Wednesday, August 30, 2000 06:13 PM
HONG KONG--Tom.com Ltd, a sports and entertainment Internet portal owned by Hong Kong billionaire Li Ka-shing, will lay off 80 percent of the staff on its China travel Web site GoChinaGo.com today.

GoChinaGO.com has more than 100 staff, the Apple Daily News reported, citing unidentified people close to Tom.com.

GoChinaGo.com is 55 percent owned by Tom.com. Tom.com declined to comment on the report.

In July, Tom.com said it would lay off 80 Hong Kong employees to cut operating costs.

The company reported in May that its first-quarter loss had widened more than 12-fold to US$5.8 million.

When it was launched in March, Tom.com's shares were 700 times oversubscribed.


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