Louisville's Cafepress.com cuts CEO's pay amid continued losses

LOUISVILLE, Ky. (WDRB) --  Cafepress.com has laid off 17 more people and parted ways with its chief operating officer and two board members as the Louisville-based e-commerce company continues to struggle with falling sales.

The changes, which are expected to save $3 million in annual costs, come on top of 14 layoffs in January and CEO Fred Durham’s move to slash his own salary.

The online retailer, which sells customizable merchandise like t-shirts and coffee mugs, has been struggling through a multi-year turnaround effort. Its stock has declined about 92 percent since the company went public in 2012.

Cafepress announced the latest round of job cuts in a press release Friday.

“(I)t has been our top goal for 2018 to return to profitability and to stop cash burn. The first round of cuts made in January put us within striking distance of profitability,” Durham said in the news release. “With this second round, we believe we have attained the necessary balance to once again be a profitable company. This is a major milestone. We are committed to working as hard as ever to further improve upon this position through both growth initiatives as well as continued enhancements to cost and efficiency.”

All but one of the job cuts were corporate staff at the company's Middletown headquarters, while one person who was laid off worked at the company's warehouse in Jefferson Riverport.

Cafepress said last month that its revenue declined another 16 percent in 2017, to about $86 million.

The company posted a $10.2 million loss in 2017, after losing $26 million in 2016.

Cafepress has blamed search engine algorithm changes that have reduced its web traffic and said it's working on a redesigned site that will be more visible. 

Reach reporter Chris Otts at 502-585-0822, cotts@wdrb.com, on Twitter or on Facebook. Copyright 2018 WDRB News. All rights reserved.

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Chris Otts reports for WDRB.com about business and economic topics, higher education and local / state government. He joined WDRB News in 2013 after seven years with The Courier-Journal. Got a tip? Chris is at 502-585-0822 and cotts@wdrb.com.