Sycamore to Cut 30 Percent of Staff
Sycamore Networks (NASDAQ:SCMR), a Chelmsford, MA-based provider of telecommunications software, plans to reduce its total workforce by 30 percent over the next several fiscal quarters because of a slowdown in the global telecom market, the company reported yesterday. The job cuts, which will impact employees in all fuctional areas and at multiple offices, are expected to cost the company $4 million to $5 million in restructuring charges over the next several quarters and lower annual operating expenses by $17 million to $18 million once completed. The company employed 492 people at the end of 2008. We’ve updated the Boston Tech Layoff Tracker to reflect the expected layoffs.