SonicWALL cuts 15% staff

By siliconindia   |   Wednesday, 18 June 2003, 07:00 Hrs
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SUNNYVALE: SonicWALL, Inc. (Nasdaq:SNWL) Wednesday announced a workforce reduction of 15% of the company's employees.

In addition, the company plans to reduce costs through the closure of certain domestic and international facilities.

SonicWALL is anticipating charges of approximately $1.5 to $2.5 million in the current quarter as a result of this restructuring. In addition to severance costs, these charges are expected to include excess facilities costs and the write down of certain leasehold improvements and other fixed assets.

"When I joined SonicWALL, we stated that one of my first goals would be to evaluate our operations and strategy to ensure that they are aligned for growth and shareholder value," said SonicWALL President and CEO, Matt Medeiros. "This action represents an important step in that direction; making sure we have the right resources invested in the right areas is a critical step in repositioning the company for success."

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