San Francisco - Gay media firm PlanetOut, the publisher of The Advocate and owner of Gay.com that has been struggling financially of late, said on Thursday that it has laid off about 15% of its staff.

The move follows the company's announcement last week that it would close its international offices in Buenos Aires and London.

San Francisco-based PlanetOut counted a total of 273 employees, according to a December 2006 SEC filing.

The company said it will see between $550,000 and $700,000 in restructuring costs related to the layoffs.

Last week, PlanetOut said it raised $26.2 million through the sale of about 56% of the company to outside investors, including Bill Gates' Cascade Investments.

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http://biz.yahoo.com/ap/070717/planetout_restructuring.html

http://www.planetout.com