"Over the last few weeks we completed a comprehensive review of the operating structure of the company," states Marc Particelli, chief executive officer of Modem Media, "and it is clear that these incremental actions will only further strengthen our business. While performance in our Tokyo office had been improving recently, that improvement and the prospects for the business were insufficient to keep the office open.

"We expect to continue to support the needs of our global clients in the Japan market through other offices and local alliances," he adds. "The sale of most of our equity position in the CentrPort business in December, combined with the workforce reductions, will reinforce Modem's financial position and prospects."

Modem Media now employs approximately 850 workers worldwide. In addition to its corporate headquarters at 230 East Ave., in Norwalk, Modem Media has office locations in New York City, San Francisco, Toronto, London, Paris, Munich, Hong Kong and Sao Paulo.