Cerplex Group Inc

Cerplex Group Inc. said Tuesday that a turnaround specialist recommended by its bankers will take over as chief executive to guide the computer repair services firm through a restructuring. Stephen J. Hopkins, a principal of Nightingale & Associates LLC, a Connecticut-based financial and management consulting firm, replaces Cerplex founder William A. Klein.

Struggling computer services company Cerplex Group said Friday it plans to eliminate a third of the work force at the company's headquarters here as part of a sweeping plan to cut costs. The company will cut 42 of the 125 jobs at its Tustin offices, part of a plan to reduce its North American work force by more than 16%. Cerplex said it also plans to consolidate its operations and look for new headquarters in Orange County for its reduced corporate staff.

Cerplex Group Inc. said its stock has been dropped from the Nasdaq national market and shifted to the over-the-counter bulletin board as of today because the computer repair and parts supply company's net assets have fallen below Nasdaq's minimum requirements. The Tustin-based company's trading symbol remains the same: CPLX.

After leading an extensive restructuring at Cerplex Group Inc. for the last year, Chief Executive James T. Schraith said Tuesday that he is leaving the computer services company to take a position as vice president and general manager of a "high-technology Fortune 500 company." Schraith, who declined to name the company he will be joining, arrived at Cerplex exactly one year ago, after he had been ousted as president of AST Research Inc., the giant Irvine computer manufacturer.

After leading an extensive restructuring at Cerplex Group Inc. for the past year, Chief Executive James T. Schraith said Tuesday he is leaving the computer services company to take a position as vice president and general manager of a "high-technology, Fortune 500 company." Schraith, who declined to name the company he will join, arrived at Cerplex exactly one year ago after being ousted as president of AST Research Inc., the giant Irvine computer manufacturer.

Cerplex Group Inc., which provides repair and technical support services to computer manufacturers, said it plans to establish a repair hub in Louisville, Ky. James T. Schraith, chief executive of Cerplex, said the company is establishing a network of outsourcing centers on or near key airport hubs in an effort to cut shipping costs and improve customer service. The move follows the company's recent announcement of its first airport hub-based facility in Ontario, Calif.

The Cerplex Group, an electronics repair service, said it will close two manufacturing and repair plants in Texas in August and lay off 130 employees. The operations accounted for sales of $13.7 million, but had losses of $5.2 million last year, Cerplex officials said. The plants had been acquired from SpectraVision more than two years ago, and employees at the facilities continued to do contract repair and manufacturing work for the company.

Cerplex, which provides high-technology repair and other support services, has reached an agreement for a three-year repair contract with Hewlett Packard at an estimated value of $11 million. The company will be providing repair services for DeskJet, OmniBook, and fax and scanner equipment at a new Cerplex hub facility in Ontario. The new facility near the Ontario Airport will encompass 70,000 square feet, with additional room for expansion.