Internet advertising and media company Organic Inc., San Francisco, is eliminating 300 jobs, or 35% of its workforce.
The company’s stock price has fallen 97% in the past year. The company also said the Nasdaq stock market has begun a review of Organic’s listing eligibility.
Organic plans to take a $17 million to $20 million first-quarter charge related to the cuts, the company said in a statement. The reductions are expected to save the company $50 million a year.
Organic is partly owned by Omnicom Group Inc. Its client list includes DaimlerChrysler AG and Blockbuster Inc.
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