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EXCLUSIVE: Struggling movie rental Company Quickflix has laid off 20 staff during the past week as the Company struggles to raise cash. Currently their shares are suspended.Sources claim that 20 employees across Sydney and Perth have been made redundant in the last week, including lead designers, project managers and testers. Chief marketing officer Liz Katsiotis has also resigned after only 6 months in the job.
Katsiotis previously worked for Austar.
One executive from the Company said “It looks like team Telstra – Milne, Taylor, legal counsel Andrew Lambert and a number of group managers and former COO were just along for the ride”
Stephen Langsford the Executive Chairman is believed to be running the Company after returning from a trip to Nepal.
During the past month serious questions have been raised regarding the actual subscription numbers for Quickflix with several insiders telling SmartHouse the numbers presented in their latest financial report “were not accurate indications of current subscribers”.
Industry sources have told The Australian that founder Stephen Langsford has been hawking the company to investors with a plan to privatise it and spare it from administration.
Langsford claims he is in the middle of negotiations to raise additional capital.
Langsford told The Australian recently: “Clearly going private is an option but I don’t want to lend a positive view that it would be likelihood. We are working through all the options. We’re not losing sight of the fact that Quickflix has a sizeable customer base and run-rate revenues and there is a lot of value there to protect and to build on.”
He has not returned our calls regarding the questionable subscription numbers.
Earlier this year Time Warner’s Home Box Office (HBO) took a $10 million stake in Quickflix; executives from the US Company also quit the board this month.
According to documents the company lodged with the ASX, Quickflix burned down its cash reserves from $5.7 million to $2.2m on sales of $5.2m. It reported net operating cash flow loss of $1.8m during the period.
Quickflix was established in 2004 but ramped up its operations after buying Telstra’s BigPond Movies content licensing and DVD subscription mail-out service.
