WATERLOO, Iowa (AP) — A business services company in Waterloo has laid off dozens of workers after the coronavirus pandemic upended its recent expansion. VGM Group announced this week that it has eliminated 58 full-time jobs and 15 part-time jobs. The employee-owned company said that it had offered transfers, extended furloughs or early retirement packages to another 17 workers. VGM Group provides purchasing, insurance, health care management, marketing and other services to thousands of business customers across North America.

VGM CEO Mike Mallaro says the cuts are “very difficult for everyone in the VGM family” but necessary.