EMC says it will 'restructure' and do another round of layoffs at the beginning of 2016
Julie Bort
Jan 1, 2016, 8:40 AM
EMCEMC CEO Joe Tucci
On Thursday afternoon, EMC announced in a filing with the SEC that it was going to do another round of layoffs.
It did not say how many people it will be cutting. It did say that the cuts would cost it about $250 million and said that this was part of its previously announced plans to trim $850 million annually from its expenses.
Here is what it's saying about the upcoming restructuring:
On December 30, 2015, as part of the previously announced program to reduce our existing cost base by $850 million annually, and consistent with prior restructuring actions to keep pace with changes in the industry, EMC Corporation management approved a restructuring plan.
The plan consists of a reduction in force which will be substantially completed by the end of the first quarter of 2016 and fully completed by the end of 2016. The total charge resulting from this plan is expected to be approximately $250 million, with total cash payments associated with the plan expected to be $220 million.
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