Search
 

Vignette Posts Year-End $532-Mil Loss, Effect on Downtown Project Uncertain

AUSTIN-Vignette Corp.'s $539-million net loss for last year and 150-employee layoff may stall development plans in the downtown. The city still plans to make good on its $25-million incentive package if Vignette can proceed with the project, says an Austin insider.

By Jackie Isaly | Updated on January 19, 2001

AUSTIN-Vignette Corp., an e-business software provider, has laid off 15% of its worldwide workforce, including 150 employees in Austin. The company also has announced plans to consolidate some of its offices.

The layoffs have followed a $532-million net loss for the Austin-based company’s fiscal year 2000. The figure is an increase from a $42.4 million loss at year-end 1999. Vignette had recorded a net loss in the fourth quarter of 2000 of $139 million, up from $5.6 million the same period last year.

A source with the City of Austin says the reported year-end losses may slow development of Vignette’s proposed new downtown headquarters, but would not affect the $25-million incentive plan offered by the city. Vignette is in the process of completing plans for a new world headquarters in downtown Austin. The proposed project is to include two to three, 25- to 30-story office buildings, retail and a parking garage on the site. The project’s first phase includes one building totaling nearly 750,000 sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.