Circle.com, an interactive agency owned by France's Havas Advertising, said it has eliminated 29 positions in its San Francisco office. Circle continues to employ slightly fewer than 500 associates worldwide.
"We felt this restructuring in San Francisco further strengthens our network by allowing us to focus on what that office does best --- e-marketing services and solutions," said Circle chief executive Charlie Tarzian in a prepared statement.
The move came shortly after Circle made public its fourth-quarter and year-end 2000 financial figures. The company reported net revenue for the fourth quarter and full year of $15.7 million and $67.3 million, respectively, compared with $13.2 million and $35.7 million for corresponding 1999 periods. Circle lost $6.8 million and $15.7 million for the fourth quarter and full year, respectively, compared with losses of $8.5 million and $12.4 million for 1999. Losses in 2000 included a non-cash charge of nearly $26 million related to the closing of Circle's Denver office.
In February, Havas announced a plan to exchange Circle's tracking stock for Havas shares and aligned the agency with its New York-based Euro RSCG Worldwide network.