Wednesday June 29, 2016

Seagate To Cut 1,600 Jobs Amid Weak Demand

Frankly, it sucks any time you see a tech company cut this many jobs. The silver lining, if you can call it that after cutting 1,600 people, is that Seagate says it expects to save about one hundred million dollars a year thanks to the downsizing.

Seagate said that it will cut about 1,600 jobs, or 3 percent of its workforce, as part of a restructuring plan that should be complete by the end of September. The company added in a regulatory filing that it expects to take a charge of $62 million in its fiscal fourth quarter. Charges will cover employee termination costs. Meanwhile, Seagate said that it will save about $100 million a year.