In a released statement, the company stated that it was taking steps to "conservatively align its costs with a cautious marketplace." These steps include the layoffs and the cessation of an outsourcing agreement with CCE along with the termination of that building lease here. A number of sales-related offices in Asia, Pacific and European regions will also be closed down.
The company provides industry-focused e-Enterprise solutions and consulting services to the Global 2000 and emerging businesses. As of this week, the company was down to 480 employees. Over the past year, shares of C-bridge have reportedly fallen 89%.
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