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Marvel to Fire 115 Workers

November 20, 1996|Bloomberg Business News

NEW YORK — Marvel Entertainment Group Inc. said it plans to fire about 115 people, or a third of the work force, at its comic book business, as it looks for ways to stop losing money.

The job cuts are in addition to 28 positions that are vacant at the group, according to Terry Stewart, a Marvel spokesman. Marvel, which is controlled by financier Ronald Perelman, employs about 1,100 people, he said.

The move comes a week after Perelman offered to pay $350 million for 410 million new Marvel shares to help save the company from filing for bankruptcy. Marvel is in violation of its debt covenants and reported its fourth consecutive quarterly loss last week. The company said it's in discussions with its banks to negotiate waivers on the loan covenants.

Marvel said it will offer its employees severance packages and counseling services.

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