MSGI Loses $35M on WiredEmpire Marketing Services Group Inc., New York, has reported preliminary losses of $35 million due to the folding of its e-mail marketing company WiredEmpire. The losses include some $17 million from fiscal year operations, about $10 million in asset write-downs and another $8 million from operations and shutdown costs, the firm said. The net loss to common shareholders after shortfalls from the operations and from write-downs of impaired investments was $59.7 million, and $75.7 million for the quarter and year ended June 30, respectively. Sources close to WiredEmpire said that it planned to continue servicing its existing client base with a skeleton crew while searching for a buyer. The company said 53 employees were to be laid off.
