Hipstamatic Lays Off Many Designers

Hipstamatic has had some major cutbacks.  The company has fired all but 5 of its core staff including engineers and designers.  The company was staffed up as they prepared to work on a new release, but only one release was made in the last few months.  The company is currently at a crossroads about what to do next.  Hipstamatic currently sits at #99 in the top paid apps and it has not been making enough money.  Hipstamatic competes directly against Instagram.