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Icon MediaLab Posts Mounting Losses; Axes Staff and Sells Assets

News, 01 March 2001

Swedish-headquartered web consultant Icon MediaLab is to make 325 staff redundant and sell some of its assets, after it posted mounting full-year losses of 2.43 billion krona (£170m).

FutureBrand – owned by Icon’s biggest shareholder, Interpublic – will buy the troubled firm’s BrandLab operations in London, Berlin and Stockholm.

The move, which follows one hundred layoffs in December and the resignation of chief executive Ulf Dahlsten in January, is expected to cut costs by 20% before Q2 next year.

News Source: CampaignLive (UK)