San Diego-based Entropic Communications, a manufacturer of semiconductors for the home entertainment market, said in a filing with the SEC Tuesday that the firm is cutting approximately 55 of its employees, or 18 percent of its workforce. According to the company, its workers were notified Monday and Tuesday that it would make the cuts. Entropic said the move was made to "better position" the company in current market and financial conditions, as well as to "more closely align operating expenses with revenues." In addition to the employment cuts, Entropic said it is closing its locations in France and Israel, and suspended further development of its advanced network processors being developed in Israel.
Top NewsWednesday, March 25, 2009
Entropic Cuts Workers, Closes Locations