MarchFirst Files for Chapter 11 Protection

Internet consulting firm MarchFirst Inc. filed for bankruptcy protection, ending weeks of uncertainty over its future as continued pressure from a slowing U.S. economy and a decrease in information technology spending took its toll. According to a Delaware court office, the Chicago-based firm voluntarily filed for Chapter 11, which helps plagued companies make an orderly and equitable settlement of obligations as they keep possession of the business. The filing comes after a slew of actions taken by MarchFirst to keep its business running, including a management reshuffle, a major staff reduction and the sale of key assets. Trading of the company’s shares where halted on Thursday, with last bids at 31 cents, 99% below its year high of $30.13. Company executives were unavailable for comment. Several analysts who used to cover MarchFirst declined to comment since their firms are somehow involved in the company’s restructuring.