Removable cartridge supplier Syquest Technology, faced with mounting financial difficulties, has had to cut its full time workforce of 2,600 by 60 per cent and take a charge of $3 million to $5 million against this quarter's figures.
Sixty jobs will be cut in the US and 1,500 jobs will be cut from Syquest's high-volume manufacturing base in the Far East. The company has also halted plans to expand its factory in Penang, Malaysia.
In a bid to reverse its fortunes, the manufacturer is seeking a new president and chief operating officer. The Californian company said it does not expect to turn in a profit in the second quarter.
For the first quarter ended December 31, 1995, the company reported a net loss of $33.8 million on net revenues of $78.4 million. This compares with net income of $1.9 million on net revenues of $65.9 million for Q1 of fiscal year 1995.
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