Internet consulting firm
plans to sell several venture properties and groups, unload seven offices and reduce its work force by 35% in a bid to reach profitability by early 2001.
The Atlanta company said it expects the moves, which include selling its digital media, marketing and wireless units, to result in a restructuring charge in the fourth quarter. About 850 employees will be terminated.
iXL also said it will close or sell its Berlin, Denver, Hamburg, Los Angeles, Madrid, Sao Paolo and Tokyo offices within the next few weeks. The company expects to complete the sale or spinoff of several venture properties by the end of the first quarter of 2001.
Shares of iXL were down 6%, or 6 cents, to $1 in afternoon