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Tuesday, January 23, 2001

EMUSIC REJIGS ITS WORTH

by

Marc Pollack

And We Mean "Rejig" In Only
The Most Positive Sense
Financially troubled online music distributor EMusic will downgrade the worth of its assets, which it said were valued at $187 million last year.

The company today postponed a quarterly earnings report two weeks to undergo an "impairment review" process to reassesses the value of assets carried on its balance sheets, according to Webnoize.

The company expects to record a "significant non-cash charge" upon completion of the review.

Earlier this month the company laid off 66 employees, or 36% of its work force, and closed a New York office.

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