Logitech To Cut About 600 Jobs

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SySAdmin

ASE Bot Joined: January 10, 1995 Status: Offline Posts: 120 Rep:

Logitech To Cut About 600 Jobs

Tue Jan 20, 2009 7:27:39 AM #83994 Perm Link

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»Logitech To Cut About 600 Jobs

In more signs of the time, <a href="http://news.cnet.com/8301-1001_3-10145606-92.html">Logitech will cut 600 jobs</a>. The economy probably won't turn for at least a year so try to hang in there.

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The company expects to make the bulk of its job cuts in the fiscal fourth quarter and take a charge between $16 million to $18 million during the quarter. Overall, Logitech expects to take a $20 million to $24 million charge over the next 12 months. Logitech, a peripherals giant, sells to both retail stores and computer manufacturers and is facing a challenging time as its customers struggle, as well. Retail store Circuit City, for example, filed for a Chapter 11 reorganization bankruptcy in November but last week said it would have to liquidate after failing to find a buyer.

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Tornado

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Tue Jan 20, 2009 3:10:26 PM #84013 Perm Link

I wonder how much this is related to Circuit City detonating. Logitech never struck me as a company that was really in financial danger (well organized, high quality products, competitive pricing, etc.), so I'm wondering how related this is to the Economic Crisis™, or if this is just a result of preparing for the loss of a large sales outlet.

Michael: Jodie, how's my schedule look for today?
Jodie: You've got a conference and dinner party at the Japanese Embassy regarding wildlife protection.
Michael: Oh, yeah...sorry, but I'll have to cancel that. I'm heading out to save America!

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