Modem Media closing offices

Modem Media said Thursday that it is closing three offices and cutting 90 staffers to align resources with a downgraded revenue outlook for 2002. The layoffs will hit 23% of i-shop's 400-person global workforce, though most will stem from its Toronto, Munich and Hong Kong operations, which are due to shut down by the end of the third quarter. The company is also reducing office space at its Norwalk, CT, headquarters and in London.
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