It could be that this is fast becoming a trend: 2 staffing companies at auction on Chapter 7 / 11 proceedings in less than a month. This time around, we see Axium go under the gavel for $8m to MPS Group, Inc.

Take Aways

An argument could certainly be made that the industry is in for a bit of a dust-up as the economy sags. The retailers are always a leading indicator here, with staffing companies soon to feel the pressure as employment rolls sag. In this case, Axium is actually a payroll company- not spot on staffing. Nonetheless, we think it is safe to presume that this isn't the last time we'll see sharks swimming in 2008.