Glendon starts Bidz Staff Reductions, Fires COO

(IDEX Online News) – Claudia Y. Liu, Bidz’s Chief Operating Officer, was fired last week, as part of a work force reduction. The firing is one of the first major changes Glendon is taking since it bought Bidz in May.

Liu’s termination of the merger the two companies agreed on when Glendon bought the ailing Bidz in a cash transaction.

Liu will be paid a severance compensation of $255,000 (equal to one and one-half times her current base salary), and the company will continue to pay all life insurance, disability, health and other employee benefits in the next two years.