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Masterfile Staff Cuts . . . |
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Written by Ron Rovtar, Managing Editor, the Stock Asylum
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Friday, 22 February 2008 |
 Toronto-based Masterfile has furloughed nearly 20 percent of its staff. However, the stock photography company's chief executive says the move is defensive and not an indication of significant financial troubles.
In fact, Steve Pigeon said, revenue over the last year has increased between six and seven percent, "Which, all things considered, isn't bad, but it was not what we needed."
Pigeon said the company was shooting for more than 20 percent growth during the fiscal year that ends Feb. 29. Pigeon also noted that the company is considering starting a micropayment stock photo division.
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