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CHICAGO (AdAge.com) -- Halo Industries today said it would cut 230 executive management and support positions, or 19% of its promotional products workforce, and move its headquarters to save $20 million annually.

The beleaguered company filed for Chapter 11 bankruptcy protection in July.

As part of the reorganization, the company will move out of its Niles, Ill.-based headquarters and open a service center in Sterling, Ill., along with subsidiary Lee Wayne. In addition, Halo's sales staff and Events by Halo unit will move to temporary offices in Skokie, Ill.

Marc Simon, Halo president and CEO will remain in charge of the company.

Bankruptcy procedures will begin in October and are expected to be complete by March 2002. Halo's marketing services unit Upshot, Chicago, and Canadian and European divisions, Premier Promotions and Halo Sports, are unaffected by the filing.

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