The Receivables Exchange (TRE), the real-time online marketplace for the sale and purchase of receivables, laid off 26 employees on March 15th, all in their sales and marketing departments in New Orleans and New York. The company that turns invoices into cash is continuing to experience changeups in many of its departments.
Back in October, former CEO Nic Perkin was let go and Henry (Hank) Allen was brought on in his place. Allen said the company is not generating enough revenue to keep the larger staff.
Allen told Mark Waller from nola.com on March 26th that TRE was in the middle of a review. “We’re doing a strategic review to work out what parts of the business model don’t make sense.” It appears the company has completed at least part of the review. Word has it that 8-10 more people will be let go today on the product and back office teams.
“We’re growing very fast. The future looks bright,” Allen confirmed. Waller also spoke to Michael Hecht, President and CEO of GNO, Inc., about changes at TRE. He believes these types of changes not atypical for a company evolving from startup to maturity.
Stay tuned for more information about the layoffs and the future of TRE.
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