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Xpedior May File for Bankruptcy

March 21, 2001|Bloomberg News

Xpedior Inc. said it is cutting 300 jobs, or 42% of its staff, and said it may file for bankruptcy protection because of falling sales. Xpedior, which helps other companies build Internet sites for electronic commerce, said it has enough cash to last only through June 30. The Chicago-based company is closing offices in New York, Denver, Dallas, San Jose and Alexandria, Va. It reduced its work force by 16% to 1,430 in September, saying sales were falling because online businesses had reduced spending on consultants. Trading of Xpedior shares was halted on Nasdaq after the company failed to maintain a minimum bid price of $1 for 30 trading days. It last traded Monday at 31 cents. Xpedior first sold shares to the public at $19 each in December 1999. They reached a high of $32.63 on Jan. 7, 2000.

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