KIT digital (KITD) Trades Lower, Plans to Cut Workforce 20%+
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KIT digital (Nasdaq: KITD) shares are slumping in early trade Monday following an earlier announcement detailing some of the restructuring moves the company plans to further streamline operations.
KIT is planning to cut its workforce by 22 percent, or 300 positions, as part of the restructuring effort. The Company said it estimates that it will record a restructuring expense in the third quarter of 2012 of approximately $4.0 million consisting primarily of one-time termination benefits of which the majority will be paid prior to the end of calendar year 2012.
For more color on the announcement, click here.
KIT is planning to cut its workforce by 22 percent, or 300 positions, as part of the restructuring effort. The Company said it estimates that it will record a restructuring expense in the third quarter of 2012 of approximately $4.0 million consisting primarily of one-time termination benefits of which the majority will be paid prior to the end of calendar year 2012.
For more color on the announcement, click here.
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