MOSAIC GROUP CUTS 60 JOBS
By Adnews Staff
Mosaic Group has cut 60 jobs in two of its divisions. Thirty-five of the 60 positions were in Mosaic's Marketing and Technology Solutions division while the remaining 25 were in the company's Performance Solutions division. According to the company, as part of the restructuring, the services of John Hoholik, president of the Marketing and Technology Solutions division, will "no longer be required." Executive vice-president and chief financial officer Ben Kaak has also resigned. On Dec. 17, Toronto-based Mosaic Group obtained a court order under the Companies' Creditors Arrangement Act in Canada to begin restructuring its debt obligations and capital structure. At the same time, a number of the company's subsidiaries in the U.S. began proceedings for reorganization under Chapter 11 of the United States bankruptcy code.