On the morning of Jan. 29, 2014, “hyperlocal” online media service Patch employed nearly 540 people. The following day, just 98 remained.
Turnaround specialist Hale Global had purchased a majority stake in Patch from AOL, and initiated what it called a “hard reset,” which included hundreds of layoffs.The plan was to overhaul Patch’s business and install what it had lacked previously: a sustainable business model.
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