Avid To Cut Workforce by 10%, Close Facility, Take Q4 Charge of $10m-11m

Posted by Joe Zaller
Oct 27 2011

Avid announced today that it has undertaken restructuring activities that include company-wide staff reductions of approximately 10%.  The company anticipates that it will complete the restructuring during the first half of 2012. Avid says it will also close a facility in Irwindale, CA

As part of this action, Avid will take a charge of approximately $10-11m for the layoffs, most of which will be realized in the quarter ending December 31, 2011.

On a conference call with equity analysts, Avid CEO Gary Greenfield said the cuts were made across the board, with the exception of  sales and marketing where the company continues to invest.

This is the second set of major layoffs at Avid in the past year.  In December of 2010, Avid announced that it planned 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.”

 

.

.

Related Content:

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

.

.

Comments are closed.

%d bloggers like this: