LONDON (Brand Republic) - Online auction company QXL.com’s marketing director Alex Czajkowski has resigned suddenly, amid reports that the company could run out of money in the next year.
Czajkowski is believed to be leaving to join a venture capital company. His departure comes after a spate of resignations, including managing director Herbert Kim in May.
Jim Rose, the company’s chief executive, said he is hoping to find a partnership deal in the next three to six months in order to raise finances, according to press reports. Possible bidders are believed to be Lycos Europe, BSkyB and Vivendi.
Analysts say that unless a deal is struck, QXL could run of money within 12 months. Its share price has dropped from a year high of 800p to 32p at close of trade on Friday.
QXL needs to find as much as £40m in order to break even, according to analysts. The company has spent about £4m on advertising in the last year.