Monday, October 13, 2008

Redfin Chops 20 Percent

Seattle-based Redfin said Monday afternoon that it has laid off roughly 20 percent of the firm's employees. According to a posting by CEO Glenn Kelman, the firm made the cuts because the firm has seen a 30% drop in tours and offers after the market drop "wiped out" prospective down-payments. Kelman said the move comes abruptly; a month ago the firm was raising 2009 revenue projections.