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Autobytel Considers Liquidation, Cuts Workforce

Sep 30, 2008, 5:00 AM
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Web-based auto research and shopping site Autobytel Inc. is considering liquidation as it cuts 35% percent of its workforce, or 75 positions. The Irvine, Calif.-based company has retained investment banking firm RBC Capital Markets Corporation as its financial advisor.

The firm is considering "the possible sale of the company or certain of its assets, acquisitions, or strategic partnerships," per a release. The company also said there can be no assurances that the process will result in any specific transaction or transactions, and that it does not intend to disclose developments regarding the process unless and until its board of directors approves a definitive transaction.--Nina M. Lentini

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