- The Washington Times - Friday, October 5, 2001

Phillips International Inc., a Potomac newsletter publisher, said yesterday that it is in the process of a reorganization that could eliminate as many as a half-dozen jobs.

The publisher's public relations director, Jennifer Myers, said five persons have been laid off and that a sixth layoff may occur. All of the layoffs will come from the Investment Resources Division, which encompasses 16 newsletters and online publications, including Changewave.com and Investorplace.com.

Miss Myers said company officials anticipated giving the laid-off employees other jobs within the company as soon as possible. Phillips made no announcement and released no memos to its 475 employees.

"It was more of a reorganization," Miss Myers said.

She acknowledged that the investment publishing sector of Phillip's has been hurt by the recent economic downturn and the Sept. 11 terrorist attacks.

"It's just part of everything else that's happening," she said.

Phillips International is a private company and is not required to announce all layoffs. The Maryland Department of Labor, Licensing and Registration does require all firms to announce any layoffs numbering more than 30 in a month. The department said yesterday it had no such record from Phillips.

A director with the Newsletter and Electronic Publishers Association said yesterday that the association had not heard of any organizational changes at Phillips.

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