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Adaptec Plans Layoffs as Sales Weaken

April 01, 1998|Bloomberg News

Adaptec Inc. said it will fire as many as 250 people, or 7% of its work force, and take a pretax charge of $8 million to $12 million as sales of its computer equipment slump. The Milpitas-based company makes adapter cards that connect personal computers to printers, storage drives and other accessories. Like many computer companies, Adaptec has seen sales growth slow along with demand for PCs. The company will make the cuts and take the charge in its first fiscal quarter ending June 30. Adaptec shares fell 56 cents to close at $19.63 on Nasdaq. The company disclosed the cuts after the close of U.S. trading.

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