Andre Yoskowitz
10 Jun 2012 14:02
As part of their global restructuring efforts, Logitech will lay off 450 employees.
The struggling accessory maker's move will reduce workforce by 13 percent, and trim costs by $80 million.
Logitech fired their CEO earlier in the year and just announced his successor would be Whirlpool executive Bracken Darrell.
The company's fortunes turned for the worst when Logitech saw a massive loss due to its failed Revue set-top box.
Former CEO Guerrino de Luca admitted the company was far too bullish on the technology when it launched the box, overinvesting at a time when it was still unclear whether the technology would be widely embraced. Logitech took a $90 million loss on their overstock of the device.