Phase2Media Files for Bankruptcy
Trouble had been brewing at Phase2Media for a while. In March, Phase2Media pulled its proposed $57.5 million initial public offering, citing market conditions.
The company had been operating with a minimal staff after making drastic cuts to its workforce. In April, it said it would realign its sales and marketing team into one unit, resulting in a reduction of 40 positions, or about 30 percent of its workforce. The reduction was accomplished primarily through the elimination of the company's telephone sales team, which focused on dot-com business and its related administrative and support areas.