Ax Swings and Back9Network

About 40% of the staff at Hartford's Back9Network were told to pack up their stuff and get out.

The network is trying to raise a "significant" amount of capital to keep its doors open and if a deal is reached it could mean a change in the company's ownership.

It's not clear how much money the company needs, but Back9Network has already raised about $35 million to $37 million, which is a significant sum for a startup company. 

The money would help keep the operation running and try to get the network in front of more viewers, the source said.

In June, Back9Network signed its first TV deal with DirecTV and their programming has been on-air since September. But to reach a wider audience and attract more advertising revenue, Back9Network has been trying to strike deals with other TV providers, which has proved challenging.

On Monday, the golf lifestyle network's CEO Charles Cox said the layoffs and restructuring plans were part of "a thoughtful strategy that will allow the network to remain competitive and produce engaging content while growing the golf lifestyle.

Maybe they should have been more "thoughtful" before they hired all those people.

Just saying....

H/T Hartford Business Journal