Morgan-Walke Associates, New York, laid off an estimated 37 executives, primarily in its New York office.
The layoffs were a first for 19-year-old Morgan-Walke, which is owned by Britain's Cordiant. Morgan-Walke specializes in corporate communications and investor relations for pre-IPO companies in the tech, retail, healthcare, food and consumer products areas.
Poor financial performance last year and an equally dismal outlook for 2001 were reasons for the cutback.
