EMUSIC REJIGS ITS WORTH

Financially troubled online music distributor EMusic will downgrade the worth of its assets, which it said were valued at $187 million last year.

The company today postponed a quarterly earnings report two weeks to undergo an "impairment review" process to reassesses the value of assets carried on its balance sheets, according to Webnoize.

The company expects to record a "significant non-cash charge" upon completion of the review.

Earlier this month the company laid off 66 employees, or 36% of its work force, and closed a New York office.