More jobs to go at Baltimore
Restructuring on Wednesday
Internet security firm Baltimore Technologies is expected to announce the loss of an estimated 250 jobs when it announces it second quarter financial results on Wednesday.
The job cuts, a second round of redundancies after it was announced 250 people would lose their jobs in March, will come as part of a restructuring plan which is designed to save Baltimore £14 million a year.
Dwindling cash reserves and disappointing sales forced Baltimore to reveal it was developing a restructuring plan last month. Days later the firm announced the departure of long-term chief executive Fran Rooney.
Adding to Baltimore's problems, it recently emerged that its revenues had been overstated by £5 million because its Middle East and Asian offices incorrectly booked sales. Baltimore no longer employs the staff involved.
Amid all this bad news the vultures began to circle over Baltimore. Obscure rival firm Chantilley Corporation was rebuffed when it approached Baltimore about arranging takeover talks, and there was speculation that Computer Associates might make a bid for the company.
Now pundits postulate that Baltimore might lose between 150 and 400 jobs as part of its restructuring plan, a figure guestimated from the fact that rival Entrust recently shed around 30 per cent of its workers. In truth we won't know how many of Baltimore's remaining 1,150 workers face the can until Wednesday.
We'll also find out then what Baltimore plans to do with its Content Technologies business, which it acquired in September last year and whose future within Baltimore has become the subject of speculation. ®
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