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Oct. 29, 2008

RACEPOINT CUTS STAFF BY 20%
 

Racepoint Group has laid off 20 percent of its employees across its four offices.

Executive VP Jackie Lustig told O’Dwyer’s that the reduction was made on Oct. 27.

“Given the current financial crisis, we have to prepare our business for overall lower revenue than originally anticipated,” she said. “We are financially sound and have a strong and deep commitment from our board of directors.”

Racepoint had 125 employees at the end of 2007 and one source said the layoffs totally about two dozen staffers.

Racepoint is part of W2 Group, the marketing services holding company headed by veteran tech PR executive Larry Weber. The five-year-old firm has three offices in the U.S. – San Francisco, Washington, D.C., and Boston – and a London outpost.

The technology firm has worked with Mozilla Firefox, Sony and AMD, among others.

The weekly journal Mass High Tech noted the cuts also affected sister firm Digital Influence Group.

 
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