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How nice of Ebay.  The company has announced it plans to lay off approximately 1000 employees, which equates to 10% of its workforce.  Ebay will also remove hundreds of temp positions from the payroll as well.

This comes on the heel of announcing that they have acquired DBA and bilbasen out of Denmark for approximately $380 million and BillMeLater, an amazon funded company for $820 million.  The deals were made in cash and over $100 million in outstanding options.  The layoffs will give Ebay a restructuring charge of around $75 million dollars, so I can see why they felt the need to spend over a billion to buy these other two companies.

Ebay’s president and CEO John Donahoe, says the purchase of billmelater is complementary to PayPal, he states “Together, PayPal and Bill Me Later will make online payments safer, easier and more convenient than ever.”  The acquisition of DBA, Denmark’s leading online classifieds site is obviously to take over a regional big boy.

This year, Ebay’s stock is down almost 50 percent in value.  Obviously the investors haven’t been too keen on previous acquisitions.  Buying these new companies might give Ebay a quick lift in the short term, but with all the red tape they have, it will lead to trouble in the future.  Good luck with these new purchases Ebay, you will need all the luck you can get.

Written by | dave

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17 Comments

  1. Nick Stamoulis

    October 8, 2008 at 6:11 pm

    I really cannot get over the SLEW of bad news I keep seeing through my daily blog reads. This is just unreal.

  2. Craig (lapp)

    October 11, 2008 at 7:31 am

    Who would have thought in such a modern world we could have let the global economy get so inflated!

  3. norman

    October 11, 2008 at 4:00 pm

    ebay stinks

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  5. gatanos

    October 26, 2008 at 5:16 pm

    Thanks for sharing

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  6. JohnMcDonald

    October 30, 2008 at 5:17 am

    Honestly, I don't know how Ebay is going to last much longer. I've tried to run some auctions recently, but they've been shut down thanks to all that red tape you've alluded to. The terms are vague, the violations remain undefined, and they can't even maintain a uniform fee structure. Its like you don't know how much using Ebay is going to cost you until you look up the exact type of item you're selling – and you need a crystal ball to know if you'll even be allowed to sell it.

    Meanwhile, the technology necessary for smaller retailers to set up their own business keeps getting cheaper and simpler… I just don't see how Ebay will remain relevant in an increasingly fragmented internet.

  7. Italian Restaurant

    January 6, 2009 at 7:25 am

    Thats bad news. But it is due to the recession , hope the global economy will improve soon.

  8. Singapore Escorts

    January 8, 2009 at 7:50 pm

    I hate to see eBay goes up in smokes because of the undefined violations or otherwise.

  9. Jas Talents and Models

    February 4, 2009 at 10:28 am

    Recession is everywhere, especially with major brands in the industry. Bad news.

  10. latest news

    March 28, 2009 at 2:34 pm

    Last year, Ebay’s stock is down almost 50 percent in value. And the latest news that this year could be even worse

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    August 14, 2009 at 8:32 am

    Wow! Hope this will find Ebay all better in the future. :)

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    Wow! Hope this will find Ebay all better in the future. :) . I always buy Ugg Shoes on Ebay.

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