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News > Companies
marchFIRST files Chap. 11
April 12, 2001: 7:16 p.m. ET

Internet consultant files for bankruptcy protection; deal with divine completed
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NEW YORK (CNNfn) - Struggling Internet consultant marchFIRST Inc. filed for Chapter 11 bankruptcy protection Thursday, according to an online bankruptcy filing.

The Chicago-based company did not immediately respond to voicemail messages seeking comment.

Earlier this month, marchFIRST (MRCH: Research, Estimates) agreed to sell a number of assets to divine inc. (DVIN: Research, Estimates) for more than $120 million, and also announced layoffs to cut costs. Divine announced the completion of the sale on Thursday.

Trading of marchFIRST shares was halted at Wednesday's close, with shares worth 31 cents, while shares of divine rose 16 cents to $1.65. graphic





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