Logitech to slash jobs, withdraws targets

[OhioChick]

Source: Reuters

6 Jan 2009, 1815 hrs IST, REUTERS

ZURICH: Logitech International SA, the world's largest computer mouse maker, said it plans to cut 15 percent of its salaried workforce and withdrew
its fiscal 2009 financial targets, citing deepening global recession.

"During the December quarter, the retail environment deteriorated significantly," Chief Executive Gerald Quindlen said in a statement on Tuesday, adding that the company expects the economic environment to worsen in coming months.

In October, the company already cut its growth forecast for sales and operating income in its fiscal year ending March 31, 2009 from 15 percent each to 6-8 percent and 3-5 percent, respectively.

Logitech, which also makes speakers, webcams and keyboards, did not provide revised targets for sales and operating income, but said it would give a further business update with its third-quarter results on January 20.


Read more: http://economictimes.indiatimes.com/International_Business/Logitech_to_cut_jobs_withdraws_target/articleshow/3943203.cms

[geomon666]

1. Oh no, where will I get my really overpriced computer peripherals? n/t