DRNO - Daily Research News
News Article no. 15736
Published July 10 2012




Harris Interactive Shutters Princeton Office

Harris Interactive has closed its Princeton, New Jersey office, as part of an ongoing review of its leased office space needs.

The office at 5 Independence WayThe review was instigated by CEO Al Angrisani, who was brought back into the company last year with a remit to turn the troubled business around. Since re-joining, Angrisani has closed its Hong Kong, Singapore, and Shanghai offices; sub-let excess space in its UK premises; sold its Stockport, UK-based call center; and restructured its UK operation with the loss of around 50 staff.

In May, Harris reported a drop in net loss to $300k for the three months ended March 31, from $2.3m a year earlier, while revenue fell 8% to $34.1m from $37.0m last year. At the time, Angrisani said it will take several quarters before the outcome of 'right sizing' the business and rationalizing the organizational structure are known.

In a filing with the US Securities and Exchange Commission, Harris said that lease exit costs relating to the Princeton closure will total approximately $1.5m. These costs will be recognized in figures for the fourth quarter of fiscal 2012, which ended June 30.

A company spokesman said the thirty staff who worked in the office will all be offered the opportunity to work off-site.

Web site: www.harrisinteractive.com .


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