Cuts 18 Staffers; Layoffs Part Of $2.4M Cost-Cutting Plan

imageElevated interest in Wall St. since the global market meltdown this past fall hasn’t necessarily translated into financial win for (NSDQ: TSCM). The market news site, which was co-founded by CNBC star Jim Cramer, is cutting 18 jobs as it tries to save $2.4 million. But in Q1, this cut will result in a $500,000 pre-tax impairment charge. The cuts amount to 6 percent of its workforce, which will now number about 290 staffers. The move follows the departure of long-time CEO Thomas Clarke, who ends his employment with the company on Friday. A search for Clarke’s replacement has just started.

This is the second set of layoffs in less than a year. By the end of 2008, TheStreet had laid off 11 percent of its staff. Release