Velocity Sports & Entertainment Cutting 5% Of Staff

By Tripp Mickle, Staff Writer, SportsBusiness Journal

Velocity Sports & Entertainment recently laid off 5% of its staff, a total of 10 employees. The layoffs were spread across three offices -- Atlanta; Charlotte; and Norwalk, Connecticut. Addressing the layoffs, Velocity Principal MIKE REISMAN said, "Ironically, the fundamentals of our business are stronger than ever because each and every one of our clients have renewed (with) us, but the reality is clients are spending less on activation." Velocity's client base includes IBM, Toyota, FedEx, Eli Lilly, AT&T, Mars, ConAgra Foods, Holiday Inn and Dew Tour, among others.