Feeds

Overland feels overstaffed

Reducing 14 per cent of its workforce

The essential guide to IT transformation

Overland Storage is to eliminate 14 per cent of its workforce to reduce costs. The move, announced today, will see 54 jobs go in a re-org which includes other spending cuts still to be formulated. Reductions are being made across all functions of the San Diego-based data storage company.

Overland expects to save $5.5m per year as a result of the layoffs, but will take a charge of $735,000 related to severance costs during the fourth fiscal quarter ending June 30.

CEO of Overland Scott McClendon said the company had invested more in R&D in the last six quarters than any other time in the company's history.

"At this point, most of our investment in these new products is behind us, and they have either been launched or soon will be announced. It is now time for us to reduce our cost structure and concentrate on returning Overland to profitability."

The company is also playing musical chairs with its management team, with Christie Huff, global marketing veep, losing out in the reshuffle. She gets to spend some more time with her family from April 30.

The company will report its third fiscal quarter earnings on April 26. Overland expects to report revenue of approximately $37.5m. ®

Boost IT visibility and business value

More from The Register

next story
Pay to play: The hidden cost of software defined everything
Enter credit card details if you want that system you bought to actually be useful
Shoot-em-up: Sony Online Entertainment hit by 'large scale DDoS attack'
Games disrupted as firm struggles to control network
HP busts out new ProLiant Gen9 servers
Think those are cool? Wait till you get a load of our racks
Silicon Valley jolted by magnitude 6.1 quake – its biggest in 25 years
Did the earth move for you at VMworld – oh, OK. It just did. A lot
VMware's high-wire balancing act: EVO might drag us ALL down
Get it right, EMC, or there'll be STORAGE CIVIL WAR. Mark my words
Forrester says it's time to give up on physical storage arrays
The physical/virtual storage tipping point may just have arrived
prev story

Whitepapers

Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up distributed data
Eliminating the redundant use of bandwidth and storage capacity and application consolidation in the modern data center.
The essential guide to IT transformation
ServiceNow discusses three IT transformations that can help CIOs automate IT services to transform IT and the enterprise
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.