Tuesday, March 24, 2009

Entropic Communications 8K: Staff reductions and closures

"On March 22, 2009, Entropic Communications, Inc.’s (the “Company”) Board of Directors approved a restructuring plan to better position the Company to operate in current market and financial conditions and more closely align operating expenses with revenues. The restructuring plan will result in a worldwide reduction in force of approximately 55 employees, which represents approximately 18% of the Company’s total workforce. Affected employees were notified on March 23 and 24, 2009.
As part of the restructuring plan, the Company will close its locations in Nice, France and Kfar Saba, Israel, and the Company has suspended further development of its advanced network processor architecture and an associated product, which was being staffed primarily out of Kfar Saba. The network processor architecture would have been part of a future product offering from the Company for home networking applications."