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PowerAgent shuts down

Published on .

PowerAgent, the ambitious ad promotion network that debuted a mere five weeks ago with much publicity, failed to secure a critical third round of financing at a meeting with investors Sept. 24. Founder and CEO Dale Sundby announced layoffs for most of the staff members effective Sept. 25. In an e-mail memo to staff, he indicated ``a couple'' of staffers would remain on salary ``to attempt to restructure the company.'' However, details of plans for restructuring were unavailable at press time.

Former president, David Carlick, was among those laid off.

Copyright September 1997, Crain Communications Inc.

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