When my friend needs cash more than he needs a weekend, he visits Cetero, which I grew up knowing as PRACS. I gather that the folks at Cetero poke my friend with fun (or needles) and make observations in exchange for his cash prize. In his effort to pick up some easy pizza money, science advances and some of that pharmaceutical money lands in Fargo.

But what now? PRACS Institute (Cetero Research since 2006) is under water to the tune of $43 million and has declared bankruptcy. For the sake of Cetero’s 400 employees in Fargo, and for the sake of the pizza delivery man that relies on my friend’s tips, let’s hope for the best.

 

March 26, 2012 REUTERS story on Cetero’s bankruptcy filing
March 26, 2012 INFORUM story on Cetero’s bankruptcy declaration
2008 Minnesota Public Radio story on PRACS

*Update*
March 27, 2012 INFORUM:  Research firm Cetero says filing for Chapter 11 merely strategic move