D&B to Cut 550 Employees by July

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Business information provider D&B Corp., Short Hills, NJ, will cut about 8 percent of its staff and sell its European headquarters as it looks to cut costs and redirect money to Internet projects, the company said this week.


D&B will let go 550 of its 6,875 workers by July, taking a $16 million charge for severance costs. It said it also would take a charge of $9 million for other cost-saving consolidation plans.


The company said these layoffs are part of its series of financial initiatives expected to create about $75 million in available funds.


D&B said it was in talks to sell its European headquarters in the United Kingdom, expecting to take a $13 million loss before taxes on the sale.


The company also said that Bruno de la Riviere, senior vice president of D&B and president of D&B Europe, announced his intention to leave D&B.


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