Genesis Direct, Inc., the Secaucus, NJ-based cataloger, has changed its name to Proteam.com and eliminated 150 salaried positions, all in an effort to become a Web-based sports marketer.
These layoffs are expected to generate approximately $35 million in annual fixed cost savings.
In addition, Genesis has signed a definitive agreement, to sell its four Institutional/Business-to-Business catalog titles for $23 million to Appleton, WI-based School Specialty Inc.
The firm plans to utilize its Internet and fulfillment infrastructure as well as its portal and professional sports league relationships to capitalize on the ongoing strength of the Company’s nine sports brands.
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