Avid to Cut Jobs, Close Some Facilities During First Half of 2011

Posted by Joe Zaller
Dec 10 2010

In a recent 8K filing with the Securities and Exchange Commission, Avid disclosed that it plans to restructure its operations during the first half of 2011 by eliminating positions “in lower growth geographies and markets,” while reinvesting in “more strategic areas with greater opportunity for growth.”  Avid also said that it will be closing portions of certain office facilities as part of this process. 

The company expects to incur $10m to $12m in severance costs relating to the layoffs and about $4 million relating to the closure of the office facilities. The majority of these charges will be recorded in the quarter ending December 31, 2010.

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You can read the full Avid 8K filing here.

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