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Ailing Internet consulting firm MarchFirst Inc.'s U.S. subsidiaries and affiliates filed for Chapter 11 bankruptcy protection yesterday, the company said in an announcement. The European units of the company weren't included in the filing and are expected to continue ordinary business, the company said.
Official word of the filing from MarchFirst had been expected all day, and stock finished a short day of trading at 31 cents per share at 9:03 a.m. Eastern time, when Nasdaq ordered a trading halt. Papers on file with the U.S. Federal Bankruptcy Court in Delaware, available on the Internet, show that the company filed its bankruptcy application yesterday.
On April 2, corporate business software maker Divine Inc., formerly an Internet holding company, acquired a portion of MarchFirst's assets and operations, including 19 of its offices and its venture capital arm, Blue Vector (see story). That acquisition was completed yesterday, Lisle, lll.-based Divine said in a statement.
Chicago-based MarchFirst laid off 1,700 employees last month.
The company also said it had completed the sale of other business units, including Raleigh, N.C.-based McKinney & Silver Inc. and its Salt Lake City office, before filing for bankruptcy protection. Discussions regarding the sale of other domestic and foreign business units are ongoing.
In addition, MarchFirst said it has no plans to file its annual 10K report for last year with the Securities and Exchange Commission and that it expects its stock to be delisted from the Nasdaq market.
As the softening economy takes its toll on Internet companies, a number of Internet consulting firms have suffered. On Wednesday, Scient Corp. warned that it would show more losses than expected in the fourth quarter and lay off 675 employees, more than half its staff.
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