The Wall Street Journal reports the decision follows client cutbacks, failure to win new business, pressures from a heavy debt load and the exit of CEO Scott Kauffmann earlier this month.
MDC reported a 2.8 percent second-quarter revenue decline to $380M and a plunge in net income to $1.1M from $8M. Organic growth dropped 1.7 percent.
Six-month revenue dropped 3.9 percent to $706.7M. Net loss widened to $30.1M from $1.7M.
In releasing the financials, Kauffmann had warned that 2018 "continues to be challenging."
MDC's stock price tumbled 60 percent over the past year, currently trading at $4.55 per-share.
The company is using investment firm LionTree to plot its future direction.