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By Published on .

NEW YORK (AdAge.com) -- Norwalk, Conn.-based i-shop Modem Media announced it has closed its New York office and laid off 7% of the company's total workforce.

The moves began this quarter and will be completed in the fourth quarter.

The company expects to save $2 million before taxes in the fourth quarter and $11 million in pre-tax savings on an annualized basis.

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