Deathwatch - tough times for Logitech, 1,000 jobs cut
Computer accessory gadgetmeisters Logitech aren't in trouble because of the recession. Still, they're laying off 15 per cent of the workforce, and the Chief Exec describes the current trading conditions as the worst the company has ever experienced. Apart from that, everything's peachy.
15 percent of Logitech's staff equates to another 1,000 jobs disappearing into the swirling black hole of the encroaching recession. Despite the business stalling and significant cutbacks, CEO Gerald Quindlen (really?) is all smiles:
"Although the external environment is more challenging than anything we've experienced before, we believe Logitech is very well positioned to manage through this downturn. We have a strong cash position, no debt, and we continue to maintain market share across multiple segments and geographies."
To our trained ear, that almost sounds like a company that wouldn't say no to a buyout offer. And we dare say Quindlen won't be amongst the 1,000 redundancies. Thanks to Bitterwallet reader Daniel for the story.