Miva announces restructuring

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Fort Myers, Fla.—Online ad network Miva Inc. announced Thursday that it will lay off 20% of its employees in the U.S. and Europe as part of a plan to reduce costs. The work force reduction is expected to be completed by the end of May. The company said the move would save about $10 million a year in operating expenses.
"This next course-correcting step, while difficult, is fundamental to achieving our turnaround goal for stabilizing cash and returning to positive operating margins," said CEO Peter Corrao in a statement.
—Carol Krol

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