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.

"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. ®

Related stories

• Overland hurls PwC auditors overboard (20 October 2009)
• Overland's president jumps overboard (5 October 2009)
• Overland Storage gets new head marketeer (22 July 2009)
• Overland off Nasdaq non-compliance hook - for now (23 March 2009)
• Overland makes snap CEO switch (28 January 2009)
• Storage vendor Overland on the ropes (16 January 2009)
• Nasdaq threatens Overland with de-listing (6 October 2008)
• Overland snatches Adaptec's Snap Server biz (30 June 2008)
• Overland makes low-end REO grand (19 March 2007)
• Dell kills Overland storage tie-up (13 October 2006)
• Overland tinkles the Bell (Micro) (16 August 2006)
• Overland Storage romances resellers (2 March 2006)
• HP sends Overland overboard (3 August 2005)
• Overland bags Okapi (2 July 2003)