Insider to Lay Off 10 Percent of Staffers, Company Says

Insider will lay off 10 percent of its team, according to a memo sent out by the company’s president on Thursday.

“The economic headwinds that have hurt many of our clients and partners are also affecting us,” wrote Barbara Peng, the president of Insider, Inc. “Unfortunately, to keep our company healthy and competitive, we need to reduce the size of our team. ”

Peng said those affected by the layoffs would receive an email on Thursday morning. Each person laid off will receive 13 weeks of base pay plus two weeks for every year they’ve been employed by Insider over four years.

Read more at The Daily Beast.