The global financial problems are being felt everywhere. Logitech, which makes computer peripherals, is the latest to be touched, announcing that it will revise its 2009 sales targets downward, and saying it’s going to cut its workforce by 15%.
Chief executive Gerald Quindlen said:
"We experienced varying degrees of weakness across all geographies and channels as our customers reduced inventory levels in the face of weaker consumer demand. Moreover, we expect the economic environment to worsen in the coming months and we are therefore taking significant actions to align our cost structure with what is likely to be an extended downturn."
The company expects its restructuring to be complete by 2010. Quindlen continued:
"We remain confident in our strategy for driving long-term double-digit growth, and we believe the well-considered actions we are taking now will result in an even stronger Logitech when the economic recovery begins."
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