WALTHAM, MA: Racepoint Group SVP Jackie Lustig confirmed a report by Mass High Tech that the agency is cutting 20% of its total staff of approximately 125.
Lustig described the cuts as being “across the board,” though the bulk of Racepoint's staff is in Massachusetts. Some of the firm's smaller offices, including Washington and London, are not affected.
“It's due to the global financial crisis,” Lustig said. “Our revenues are going to come in lower than anticipated and so we've had to realign to prepare for 2009.”
Lustig noted that her company is not alone in the PR industry in cutting back operations.
“Our industry is in for another tough time, just like in the dot-com era,” she said. “But we'll weather it.”