Interactive marketing services company Modem Media Inc. said it would shut down their Toronto, Munich and Hong Kong offices and cut about 20% of its work force in their London and Norwalk, Connecticut
offices. The restructurings are said to be a response to the slow recovery in Modem’s U.S. business. Modem, which is partly owned by ad firm Interpublic Group of Cos. Inc., said the restructuring
would save $4 million before taxes for the balance of year.