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Oyster fired most of its staff, and is hoping to hang on with lower overhead costs until it can find a white-knight buyer.
A handful of people are believed to remain at Oyster, which is using freelance journalists to maintain skeletal review-writing services.
The hope over at Oyster is that a large media company with an existing audience will swoop in to rescue the company. The thinking is that the staff cuts had to take place to keep the business functioning in the interim.
Oyster management plans to continue to run the business, relying on freelancers, until the company can find a buyer.
It may, though, be too little, too late.