Angie's List "not in cash crunch": Bill Oesterle

Dateline: Fri 09 Nov 2007

Angie's List CEO Bill Oesterle called today to respond to a posting here that the company is in a cash crunch.

"We are not in a cash crunch of any kind. In fact, we had a fantastic investment of $2 million last Tuesday.

"The company is sound. It is fine," added Oesterle.

Angie's List, which provides consumers with online information about home-service providers for a fee, laid off 38 of its 382 employees in the last few days, the Indianapolis Business Journal reported Thursday. Most of those were in sales, although marketing, operations and other areas were affected.

Oesterle emphasized that Angie's List, which operates nationwide, is continuing to grow. "We have no hiring freeze," he said, adding that last month was the firm's best month ever.

"Despite the recent cutback, the headcount at Angie's List is 30-percent higher than last year, and the company plans to double in size next year," the IBJ also reported.

This blog posted twice yesterday about Angie's List: the first time to break news about the layoffs, the second quoting an unnamed source who said the company is in a cash crunch and floundering.

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