Struggling Logitech Bites Bullet, Lays Off 450
The hammer has finally dropped at Logitech. The struggling peripherals maker said Friday that it’s sacking 450 employees as part of a global restructuring first announced in April.
The cuts, which will reduce the company’s workforce by about 13 percent, are expected to trim Logitech’s annual operating costs by $80 million. And let’s face it, after four profit warnings in 12 months, that’s something from which the company could certainly benefit.
Because of the layoffs, Logitech expects to record pretax charges of about $35 million this fiscal year, with the bulk of that coming in the current quarter. But the company promises that shareholders will see the move’s benefits by the second half of its current fiscal year.