Article: Haltom City, Texas-based drug-testing company PharmChem to cease business.

By Jim Fuquay, Fort Worth Star-Telegram, Texas Knight Ridder/Tribune Business News

Nov. 6--HALTOM CITY, Texas -- PharmChem, a drug-testing company that lost several big customers in the past year, said Friday that it's going out of business.

Shareholders will be asked to approve the dissolution and sale of assets during a Nov. 16 meeting at the company's offices in Haltom City. Officials said in a prepared release that cost cuts, including extensive layoffs, were not enough to offset declining sales.

The company had 350 employees in 2002, but by February was down to 70.

Company officials did not return phone calls seeking further ...

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