Restructuring at Avid Technology
Avid Technology (NASDAQ: AVID), the Tewksbury, MA-based maker of media editing software, disclosed in a filing with the Securities and Exchange Commission this week that it will pay out $7 million to $9 million in termination benefits as part of a workforce restructuring plan to be completed by the end of the first quarter of 2010. A spokesperson told the Boston Business Journal that some 120 Avid employees will lose their jobs; the announcement comes a little more than a year after Avid laid off 410 workers, or about 15 percent of its staff at the time. In another recent disclosure, Avid revealed that it plans to move its headquarters from Tewksbury to three office locations in Burlington, MA.
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