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November 10, 2009
Adobe Systems Inc. said Tuesday it will cut 680 employees, or 9 percent of its work force, as part of a restructuring plan expected to last through the end of 2010.
San Jose-based Adobe (NASDAQ:ADBE) said the job cuts will impact the company worldwide and not be focused on any particular location. In addition to this latest round of layoffs, Adobe laid off 9 percent of Omniture Inc.’s work force when it acquired the company on Oct. 23.
Adobe said in a government filing that it expects to record between $65 million and $71 million in pre-tax restructuring charges associated with the restructuring. Included in those charges are between $17 million and $19 million related to the consolidation of leased facilities and between $48 million and $52 million related to employee severance arrangements.
The company expects to record between $18 million and $20 million of these charges in the fourth fiscal quarter ended Nov. 27, and complete complete the majority of the activities related to the restructuring plan by the end of fiscal 2010.
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