Latest News

Irving firm laying off one-third of employees

Thomas Group confirmed Thursday that it is terminating about a third of its employees. The Irving-based consulting firm, which has forecast a steep drop in government contracts, also announced that chief financial officer Michael Barhydt will resign April 11.

Spokeswoman P.J. Hoke declined to say how many workers were affected or quantify the current workforce. In June 2007, the company said it employed 175.

In February, Thomas Group said that changes in Naval contracting would likely lead to losing a “significant volume” of work with the service branch, which had provided 76 percent or about $42.7 million of the firm’s revenues last year.

It suspended cash dividend disbursements that month and announced the resignation of chief executive Jim Taylor, who was replaced in March by Earle Steinberg, a former partner with the consulting firms, Touche Ross and AT Kearney.

Thomas Group, which had been selected the top-performing local stock during 2006 by the Star-Telegram, has seen its Nasdaq-traded shares plummet more than 75 percent from its 52-week high during the past year. Shares (ticker: TGIS) dropped nearly 5 percent during morning trading Thursday.

  Comments