News hot out of EU region.
- 5% cut in workforce.
List finalized, 22 May start of action - will last till May 24.
Lyve gets the boot - minimal staff on rolls for 2 quarters.
LCO STST SSDC Pune brace for max impact.
13 replies (most recent on top)
I hear the next layoff package is you get 30 minutes in the office supply room to grab as many mechanical pencils and left over notebooks from those RIFd previously. But you only can take as many that will fit in your pockets. I’m wearing my cargo pants when that happens.
Cash from selling the buildings is not being invested into anything, it's paying for the dividend and the settlement. So now we are going to be even less profitable because we now have to lease the buildings. That 5% dividend is going to take years to make up for all the unrealized loss. Our stock is going to get decimated and the dividend isn't going to last much longer
They sell the buildings then lease them back. It’s common.
Sure - just like Cupertino
@sfd+1mzd3F6T I admire your optimism and confidence.
Seagate will bounce back next qtr. HAMR will start ramping production
They sell the buildings then lease them back. It’s common.
LCO was not sold yet. SSDC ($112M) and FRE ($243M) were sold. But if LCO was sold, it only happened just recently. Gardeners were still making it nice and pretty and put a bow on it.
Yep. Also heard FRC and LCO sold. I think it’s pretty clear this is going to be mainly a Thailand commodity company selling one product soon.
Likely only for RMO:
Layoff been postponed to July.
Layoff been postponed to July.
My money says lco closing & Frc closing. TCO & Normandale staying open. Normandale is needed. Tco staying open because of proximity to Normandale. Most builds and runs are overseas and last couple of RIFs reduced that stateside capability. LCO building sold. Frc building sold.
Why do you think this is rumor mongering? The information seems believable. ~20-25% was always going to be the number. May 22 seems confirmed too. Lyve getting the boot was anticipated too. Naturally LCO and Pune are in the blast radius of this announcement. Why the denial?
Rumor mongering at its worst