CheckFree cuts 200 staff; relocates EBPP operations

CheckFree cuts 200 staff; relocates EBPP operations

US e-payments firm CheckFree has cut 200 jobs under restructuring plans that will see it move its electronic billing and payment operations from a facility in Ontario, Canada to its headquarters in Georgia.

In a notice filed with the Securities and Exchange Commission, CheckFree says it expects to complete the move by October 2005.

The company cut its staff on 16 June, but says it plans to "rescope" many positions with the intent to re-hire as "quickly as is possible" while eliminating some others.

As a result, the vendor will incur charges in its fourth quarter of fiscal 2005 of approximately $5.5 million on a GAAP pretax basis of which about $200,000 is non-cash.

The charges include approximately $5.4 million pre-tax in employee-related costs, including termination and other benefits, and about $100,000 pre-tax in other associated costs.

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