Sycamore Networks (NASDAQ:[[ticker:SCMR]]), a Chelmsford, MA-based provider of telecommunications software, plans to reduce its total workforce by 30 percent over the next several fiscal quarters because of a slowdown in the global telecom market, the company reported yesterday. The job cuts, which will impact employees in all fuctional areas and at multiple offices, are expected to cost the company $4 million to $5 million in restructuring charges over the next several quarters and lower annual operating expenses by $17 million to $18 million once completed. The company employed 492 people at the end of 2008. We’ve updated the Boston Tech Layoff Tracker to reflect the expected layoffs.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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