The firm expects to record one-time charges this quarter of approximately $7 million associated with employee severance, the closure of the facility and related expenses.
Adaptec blames the need for restructuring on "continuing worldwide market softness" which it says could also impact company revenues in the last month of the quarter ending at the end of this month. The company anticipates revenues for the quarter will be down approximately 15-20% from the prior quarter's $107.8 million.
Robert Stephens, president and CEO of Adaptec says the company is continuing to look for "new efficiencies" as it copes with "extraordinarily tough" global economic conditions. Upon completion of the restructuring, the company will employ approximately 1,550 people worldwide.
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