The ax came down on a number of Patch employees today. TechCrunch has confirmed that a number of Patch employees were let go this morning with another round of layoffs happening later today. Employees are to pack their virtual desks and clear the premises today.
The effected employees were given their yearly Aol bonus, accrued vacation time and 2 months of severance. And of course, by taking the severance package, the employees are agreeing not to sue Aol.
As Jim Romesnesko reported this morning, Patch is being restructured in connection with the creation of the joint venture with Hale Global. Some employees will be kept on and fill unspecified roles at Hale Global.
Aol sold a majority stack in its hyperlocal news outlet to Hale Global on January 15th. Aol retained a minority stake. At the time, Aol stated that they were spinning out the brand.
Developing…
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