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Image trims staff in cost-cutting plan.(Image Entertainment Inc.)
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Video Business
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November 20, 2006
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Copyright informationCOPYRIGHT 2006 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Susanne Ault
Supplier reports wider net loss following proxy battle
Saddled with the cost of its recent proxy battle and under pressure to turn around business, Image Entertainment cut 27 employees just prior to its fiscal 2007 second-quarter earnings report as part of a larger cost-cutting scheme.
Last month, Image emerged victorious in retaining control of its board of directors, following a long proxy fight with its second-largest shareholder, Lionsgate.
Yet Lionsgate was able to win a large number of votes for its opposing slate of board candidates (VB , 10-23) after weeks of condemning Image for poor performance.
This year's bankruptcy filings of ...
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