VerticalNet to Trim 150 Jobs, Close Offices

VerticalNet Inc., a manager of Web sites on which companies can buy and sell goods, said it is cutting 150 jobs, or 8% of its work force, and closing some sales offices to reduce costs. The layoffs come 10 days after Joseph Galli, VerticalNet’s former chief executive, left to become president and CEO of Newell Rubbermaid Inc. and was replaced by co-founder Michael Hagan. The Horsham, Pa.-based company said it will take a first-quarter charge of $2 million to $3 million for the job cuts, which it expects will save about $11 million annually. Its shares, which have dropped 93% in the past year, fell 25 cents to close at $6 on Nasdaq.