PlanetRx.com
This article was originally published in The Rose Sheet
Executive Summary
Relocation of e-tailer to Memphis, Tenn. from San Francisco will help reduce PlanetRx' cash-burn rate by 50%, the company maintains Aug. 28. PlanetRx notes 75% of its current employee base already is located in its Memphis-based 175,000 sq. ft. center. In consolidating operations, the e-tailer expects to "eliminate redundancies," reduce operating expenses and lower consumer acquisition costs. In June, PlanetRx announced a 15% workforce cut and a reduction in ad spending (1"The Rose Sheet" June 26, In Brief). The company also names John McAlpin to president and chief operating officer, succeeding Michael Beindorff. McAlpin joined PlanetRx in 1998 as senior VP-distribution services