MODEN MEDIA LAYS OFF 76 STAFFERS WORLDWIDE

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(June 11, 2001) -- Modem Media, Norwalk, Conn., has completed a wave of layoffs in its Norwalk, Paris, Toronto, London and Hong Kong offices. The company expects to realize operational savings of $2.7 million this year.

The layoffs totaled 76 employees -- about 10% of the company's global workforce -- of which 69 were billable.

A one-time charge will be incurred in the second quarter for severance-related costs in the amount of about $1 million. Modem Media also expects to incur an additional one-time charge in the second quarter to increase the provision, recorded in 2000, for excess space in San Francisco. -- Adrienne Mand

Copyright June 2001, Crain Communications Inc.

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