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Restructuring at IRI
Information Resources, Inc has recently announced plans to eliminate about 5% of its workforce in the United States and Europe to occur through layoffs and the elimination of open positions.
The agency will record a pre-tax charge of $7.8 million or $5.3 million net of tax, in its fiscal fourth quarter for severance and other costs related to the layoffs. Factoring in the impact of these charges on the fourth quarter and full year, IRI will not achieve the previously announced 2002 earnings target.
'These actions will allow us to reduce costs associated with our Retail Tracking business in both the United States and Europe and to increase investment for various growth opportunities including expanded channel coverage, Panel and Analytics and the company's healthcare initiative,' said Joe Durrett, Chairman and CEO. 'Over the past three years IRI has worked hard to improve productivity and we are running our business today with significantly fewer people than we were three years ago. Our ability to take further reductions reflects the process and efficiency improvements our organization continues to make and it should help 2003 and beyond.'
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