Following their recent spin off from Time Warner Inc., AOL Inc., has begun involuntary job cuts today. 1,100 employees have already opted for buy out packages since November, a piece of a $200 million restructuring for the New York based company. Laid off employees will leave the company on January 13. If AOL is consistent with the plan proposed in November, roughly one-third of the ailing company will walk away Wednesday in the effort to decrease annual operating costs by about $300 million.
In addition to the job cuts, AOL has announced another prong of the restructuring, shutting down offices in Spain and Sweden. At present the company is attempting to stay afloat despite a 50 percent drop in operating income for the third quarter.
In early afternoon trading, AOL added 12 cents to $25.80 to their shares.
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