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(June 29, 2001) -- Online media services company Avenue A announced today that it is closing its London office as part of efforts to cut costs.

The closure will result in the termination of 16 employees, as the office shuts its doors over the next few months after completing work for current clients.

The company's revenue was substantially down for the first quarter of 2001 as compared to the same quarter last year, reporting only $24.1 million, as compared to revenues of $46.8 million in 2000. In May, the Seattle-based company announced a cost-cutting initiative including the elimination of 75 positions, accounting for about 20% of the staff. -- Catharine P. Taylor

Copyright June 2001, Crain Communications Inc.

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