Avid Tech (AVID) to Cut Jobs; Will Take $7-$9M Charge
In a Form 8-K filed by Avid Tech. (Nasdaq: AVID), the company said:
On December 1, 2009, in an effort to continue to align its expense structure, Avid committed to a reduction in force restructuring plan. The Company anticipates that it will complete the restructuring during the first quarter of 2010. In connection with the restructuring, the Company expects to incur total expenses relating to termination benefits of $7 million to $9 million, all of which represent cash expenditures. The Company expects to record the majority of these restructuring charges in the quarter ending December 31, 2009.
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