Paper forms maker slashes $15M from IT budget

By Todd R. Weiss, Computerworld |  Business

Last week, Moore announced that it would cut 400 jobs in its North American forms and labels operations division, saving another $20 million. All of the changes, including Burton's appointment as CEO, follow a December agreement under which Moore received $70.5 million in debt financing from an investment firm that could eventually take a 19.7% stake in the company.

Burton is one of the investors in New York-based Chancery Lane/GSC Investors L.P., the firm that provided the funding to Moore. The company sought the new financing and the management help after reporting a net loss of $19.3 million on revenue of $1.68 billion during the first three quarters of last year.

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