In the dry language of SEC filings, TiVo has announced plans to layoff workers – or ‘reduce headcount’ as the bloodless HR-speak would put it.
ITEM 2.05. Costs Associated with Exit or Disposal Activities.
On November 18, 2008, we commenced a plan to reduce our operational expenses, primarily through a reduction in headcount, as we manage through the challenges presented by a difficult economic climate and a rapidly evolving retail consumer market.
We expect to incur pre-tax charges of approximately $1 million, primarily for employee-related severance benefits and out-placement costs. We expect to record these charges in the fourth quarter of fiscal year 2009 ending January 31, 2009. Substantially all of these charges will result in cash expenditures.
It isn’t too surprising, given the current economic climate, layoffs are hitting throughout the tech industry. But it is still a rough experience, and having been through layoffs a couple of times myself I hope my friends at TiVo will be safe in their jobs. Best of luck to everyone at TiVo.