DVC Group, Morristown, NJ, laid off about eight percent of its workforce, or 25 employees, in late June, PROMO XTRA! learned. An agency spokesperson confirmed the cuts but refused to provide exact figures.
President Sue Furlong denied that the move was financially motivated, calling the cuts “more of a reorganization” than a downsizing. The company has plans to hire nearly as many people as were let go in order to “adjust to different marketplace needs,” she said.
DVC was acquired by Chicago-based investment group Lake Capital last fall to serve as launch pad for the development of a worldwide agency network (December PROMO).
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