MarchFirst to slash 1,700 jobs

Chicago-based MarchFirst, which has been mum on reports of expected job cuts during recent weeks, began laying off several employees late last week, offering most only a two-week severance package.

In Monday's statement, MarchFirst also detailed the terms of the sale of its central regional operations to Divine and said it is actively pursuing the sale of other business units.

MarchFirst also said it is shuttering its Australian operations as it continues to weigh other financial options. The company has recently been battling a dramatic downturn for Internet-related consulting services and has been essentially limping without a solid executive management team.

The Nasdaq resumed trading Monday of MarchFirst shares. In afternoon trading, the stock was down 6 cents, or almost 40 percent, to 9 cents. --Melanie Austria Farmer, Special to ZDNet News