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IRI workforce reduction

This article was originally published in The Tan Sheet

Executive Summary

Market researcher announces plans to cut about 5% of its workforce in the U.S. and Europe through layoffs and elimination of open positions. Move will result in $7.8 mil. pre-tax charge in the fourth quarter, which will cause firm to miss 2002 earnings target, IRI says. Layoffs are intended to reduce costs related to company's retail tracking business and allow for greater investment in opportunities including expanded channel coverage, according to firm. IRI Q3 revenues increased 2% to $140.6 mil., as a 5% decline in retail tracking revenues was offset by an 18% gain in panel and analytic products and services. Net income was $900,000, compared to a $500,000 loss in prior-year period...

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