Feeds

Overland feels overstaffed

Reducing 14 per cent of its workforce

High performance access to file storage

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. ®

High performance access to file storage

More from The Register

next story
European Court of Justice rips up Data Retention Directive
Rules 'interfering' measure to be 'invalid'
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Cisco reps flog Whiptail's Invicta arrays against EMC and Pure
Storage reseller report reveals who's selling what
This time it's 'Personal': new Office 365 sub covers just two devices
Redmond also brings Office into Google's back yard
Bored with trading oil and gold? Why not flog some CLOUD servers?
Chicago Mercantile Exchange plans cloud spot exchange
Just what could be inside Dropbox's new 'Home For Life'?
Biz apps, messaging, photos, email, more storage – sorry, did you think there would be cake?
IT bods: How long does it take YOU to train up on new tech?
I'll leave my arrays to do the hard work, if you don't mind
prev story

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
HP ArcSight ESM solution helps Finansbank
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mobile application security study
Download this report to see the alarming realities regarding the sheer number of applications vulnerable to attack, as well as the most common and easily addressable vulnerability errors.