CafePress announces cost saving initiatives
CafePress announced certain actions taken to drive reductions of approximately $4M in normalized, annual fixed costs. The company will continue to align its cost structure, cash balances and operational objectives each quarter to maintain discipline in the company's operation. The company will remain focused on completing a new and modern CafePress.com website and expanding retail partner channels into new marketplaces and geographies. Additionally, in 2018, the company expects to leverage its manufacturing platform by launching fulfillment services for other consumer-facing, on demand, custom product providers. The company has taken the following steps: On February 12, the board appointed Alan Howe as an independent director, following the retirement of Patrick Connolly from the board. As of January 9, the company has reduced the workforce at its Louisville headquarters by 5%. Effective as of February 5, the annual base salary of the company's co-founder, chairman and CEO, Fred Durham III, is reduced from $300,000 to $125,000. CafePress' board and management team consistent with its fiduciary duty continues to carefully consider all options to enhance stockholder value.