NEW YORK (AP) — AOL Inc., the struggling Internet company, is asking for 2,500 volunteers to accept buyouts, looking to cut its work force by at least a third as it prepares to spin off from Time Warner Inc. next month.
The company, which has about 6,900 workers total, said it will resort to layoffs if it does not get enough people to accept buyouts. The voluntary offer is open to all employees from Dec. 4 though Dec. 11, AOL spokeswoman Tricia Primrose said.
AOL hopes to trim annual costs by about $300 million, facing the continuing decline of its traditional dial-up Internet business and an advertising slump.
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The job cuts still need approval from the new AOL board.
The company, which is based in New York but also has major operations in Northern Virginia, has said it will take about $200 million in charges for severance and other costs related to the restructuring.
Time Warner, the New York media conglomerate, plans to spin AOL off to investors Dec. 9.
© 2009 The Associated Press. All rights reserved.
