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NORWALK, Conn. -- As many as half of the 1,000 employees of AOL's hyperlocal publication Patch were told they would lose their jobs on Friday or at some point before October, according to a report in The Wall Street Journal.
About 350 layoffs would occur immediately with up to 150 more employees scheduled to be let go by October.
Up to 40 percent of Patch's local websites will either partner with other outlets, be consolidated with other sites or be shut down entirely in the coming months, according to the article. Patch currently runs 900 sites nationwide.
Chief Executive Officer Tim Armstrong was quoted in the article saying that despite the cuts, the company would be profitable by the end of the year.
Read the full article in The Wall Street Journal here.
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