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News Release basics – 1
July 23, 2000 "gets back to basics"

Auckland-based Internet retailer has announced a restructuring of its business after last week calling off its merger with Australian e-tailer

A change in business focus will result in 20 full time staff leaving the business. executive chairman Stefan Preston said the change in availability of cheap capital meant it no longer made sense to grow infrastructure and services faster than could be justified by customer demand.

The company would now focus on developing its successful core categories — books, videos/DVDs, software and stationery — and improving and automating internal systems for efficient operation.

“ has done well to establish such a strong brand in a short time and the key challenge now is to capitalise on the growing revenue stream by backing it with an increasingly reliable and cost effective delivery system.

“ is backed by three major public companies which have pledged continued support through our next phase of growth,” Mr Preston said.

He said would be doing all it could to assist its staff with new positions.

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