Things are reportedly tough at online ticket marketplace StubHub these days; the company is reporting a stiff round of layoffs after missing its parent company’s earning expectations.
StubHub has not directly commented on how many employees were let go during, but according to TechCrunch, rumor has it that about 100 of the business’s 700 employees were affected—or about 14 percent.
When asked for a comment on the situation, StubHub sent the following response to the source:
“StubHub announced a reorganization In June that will allow us to be more nimble and efficient in serving fans. The organization change had the unfortunate consequence of eliminating the roles of some StubHub employees. The majority of positions eliminated were in our Field Operations division, where the proliferation of electronic tickets has reduced our need for on the ground customer support.”
The company was founded in 2000 and purchased by eBay in 2007. It has long been a leader in secondary ticket sales, but over the years, it’s seen increasing competition from a number of other players in the market, most notably LiveNation’s Ticketmaster Plus that has invested $100 million into competing with StubHub.
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