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Online auctioneer Liquidity Services to cut 130 jobs
October 1, 2014 / 10:09 PM / in 3 years

Online auctioneer Liquidity Services to cut 130 jobs

(Reuters) - Online auctioneer Liquidity Services Inc said it will cut about 130 full-time and temporary jobs through 2015 after it paid more for a contract with the U.S. Department of Defense to auction goods such as field gear and boats.

Losing a contract to auction DoD vehicles also led to the job cuts, spokeswoman Julie Davis said.

“When you lose a portion of business that we are conducting today ... we have less need for the full number of employees we have today.” The company has about 1,300 employees, she said.

“While we did win the non-rolling stock contract it was at an increased pricing ... so we need to adjust our costs to offset that.”

The company, which provides online auction services to businesses and governments for sale of surplus assets, said the realignment will cost about $1.2 million, which will be reflected in its fourth-quarter results.

Reporting by Anya George Tharakan in Bangalore; Editing by Don Sebastian

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