Retrenches with Closures and Layoffs

19 December 2000 is undergoing a draconian restructuring which chairman and chief executive Chan Suh says is a response to the changing interactive environment – or as many onlookers prefer to describe the trend, an overdue deflation of the distended internet bubble.

According to Suh, the global digital agency is “taking these steps now to protect our profitability and in an effort to align our business to deliver revenue and earnings growth in 2001".

The measures include the laying off of 190 staff worldwide, including ninety in the UK following the loss of British Airways’ interactive account. The agency has also closed its Colorado office.’s remaining clients include Compaq, Reuters and Heineken.

News Source: CampaignLive (UK)