Mosaic Group Inc. will trim its staff by 60 people as part of a bankruptcy protection process.
The eliminated jobs include 35 positions within the firm’s Marketing and Technology Solutions division and 25 in its Performance Solutions division are among those being lost.
Additionally, Ben Kaak, executive vice president and chief financial officer has resigned, and "the services of John Hoholik, president, Mosaic Marketing and Technology Solutions, will no longer be required," the company said.
Earlier this month, Mosaic sought protection under protection under Canada’s Companies' Creditors Arrangement Act. Several of the firm’s U.S. subsidiaries filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Texas in Dallas.
Mosaic, a Toronto-based direct marketing services vendor, announced in November that it would close its United Kingdom division and take other measures as a result of its "unacceptable" third-quarter earnings. The company reported a quarterly loss of C$395 million.
