Sanfrancisco bases hotel rent service , Hoteltonight , has layed off 37 employees .
According to the company cofounder and CEO Sam Shank , the move was hard but necessary adding that the company is more focussed and streamlined .The layoff was done globally and was done keeping in the best interest if the company. The move comes at a time when the company revealed that it has doubled its booking from 2010 , the year when the CO was started .The company was rumored to be among the top cos of the country with an initial round of funding of $85 million .Hoteltonight focused on last minute booking and changed its strataegy in recent times to a 7 day booking .
In a statement from Shank , the company is stable and would like to dismiss anyfurther layoff rumors . The company plans to b profitable by next year.