Halo Industries Monday said it would cut 230 executive management and support positions, or 19% of its promotional products work force, and move its headquarters to save $20 million annually, according to a report by BtoB
sister publication Advertising Age.
Halo filed for Chapter 11 bankruptcy protection in July. As part of the reorganization, the company will move out of its Niles, Ill.-based headquarters and open a service center in Sterling, Ill., along with subsidiary Lee Wayne. In addition, Halo's sales staff and Events by Halo unit will move to temporary offices in Skokie, Ill. Marc Simon, Halo's president-CEO, will remain in charge of the company. Bankruptcy procedures will begin in October and are expected to be completed by March 2002. Halo's marketing services unit Upshot, Chicago, and Canadian and European divisions, Premier Promotions and Halo Sports, are unaffected by the filing.