infoUSA to Cut 325 Jobs, Close Some Operations
infoUSA (IUSA), a provider of business and consumer databases and sales and marketing services, cut 325 jobs, scaled back its Internet operations and eliminated underperforming divisions.
As a result of the moves, the company expects to improve profitability and earnings before interest, taxes, depreciation and amortization in 2001. The eliminated positions include administrative and support functions, as well as reductions in the executive staff for underperforming operations. The company will cut 63 job at its majority-owned Internet unit, infoUSA.com.
The company also said it expects to be profitable by the first quarter of 2001. infoUSA significantly reduced its investment in its other Internet companies and closed its VideoYellowPages.com division. The company also scaled back its businessCreditUSA.com division.
infoUSA expects to take a charge in the fourth quarter to cover severance expenses and other nonrecurring restructuring charges. The company last reported 1,985 employees, according to Market Guide.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts