Jones Soda (JSDA) Cuts Workforce by 38%; Reduction Will Save Estimated $2.6 Annually
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In a Form 8-K, Jones Soda (Nasdaq: JSDA) announced that on October 6, the company implemented a reduction in workforce, cutting the company's staff by about 38%, leaving the company's total headcount at 68.
Severance and termination benefits to the affected employees are not expected to be material to the Company's financial results for Q408. The Company projects that the reduction in workforce will save an estimated $2.6 million in expenses on an annualized basis.
The workforce reduction was implemented in an effort to reduce ongoing operating expenses and improve the Company's overall efficiency and is consistent with other Jones Soda Co. initiatives to focus on strengthening the core elements of the business.
Jones Soda Co. develops, produces, markets, licenses, and distributes beverages and related products primarily in the United States and Canada.
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