Angie's List lays off 97 employees

INDIANAPOLIS - Angie's List reported Friday that it had fired nearly 100 employees, mostly from its sales department.

In a document filed with the Securities and Exchange Commission, Angie's List said it had laid off 97 employees in its Indianapolis offices as part of its "focus on improving salesforce performance and productivity."

The lay offs were targeted heavily within the sales department, and especially within the BigDeals team.

"It is extremely difficult to make a business decision that will have an impact on our colleagues and their families," said Angie's List COO Mark Howell. "This painful step is part of an overall plan to improve our sales productivity and performance and establish a new performance-based measurement system by which we will evaluate our sales teams. 

According to a company spokesman, Angie's List has approximately 2,000 employees nationwide.

"Our business remains sound and we are focused on continuing to make progress on our strategy," Howell said. "We expect to continue to add resources to our salesforce over time to support growth in both advertising and e-commerce revenue. This is a challenging time, but we have a strong and dedicated employee base that is committed to our continued success."

In July, Angie's List reported a net loss of $18.4 million for the second quarter of 2014, compared to a net loss of $14.3 million in the same period last year. Advertising revenue for the period increased 37 percent over the previous year.

Angie's List trades on the NASDAQ exchange under the symbol ANGI. The price has fallen from this year's earlier high of $18.85 per share in February to just over $8.00 as of Friday afternoon.

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