Reed Business Puts 23-Title Division on Block
The Jordan, Edmiston Group has been retained to handle the sale.
The impending sale represents the second major divestiture announced by Reed in as many months, coming on the heels of the disclosure in December that the company is selling its industrial and manufacturing events.
Layoffs to Fund 'Investment Program'
"We, like other b2b companies, have laid off a group of employees to fund the company's investment program," Salina Le Bris, an RBI spokesperson, wrote in an e-mail to FOLIO:. A "large percentage" of those were HR, IT and finance support staff, according to Le Bris.
Those reinvestments will be earmarked for growth in RBI's eLogic, Reed Construction Data's online products and RS Means, and general print and additional skill sets, she said. She declined to comment when asked whether there would be more layoffs.
'Pruning the Portfolio'
Smith was unavailable for comment.