IndeNet to Cut 165 Jobs, Close 8 Plants

IndeNet Inc. said it will fire 165 people, or about 27% of its work force, and close eight plants as part of a streamlining that will result in fiscal third-quarter charges of $10.1 million. The distributor of commercials and syndicated programs said it plans to integrate five companies it acquired in the last several years into two operating divisions and centralize research and development and marketing divisions. Los Angeles-based IndeNet said it will take a charge of $1.6 million for costs to implement the moves, and a charge of $8.5 million to write down goodwill and other assets in its fiscal third quarter, which ended Dec. 31. In last year’s third quarter, IndeNet had a loss of $746,842, or 8 cents a share. Shares rose 22 cents to close at $2.78 on Nasdaq.