San Diego-based Overland announced this morning that it is cutting its employee workforce by 14 percent, in a restructuring of the firm. Overland has laid off 54 employees, as the company looks to return to profitability. The firm said that it expects to save approximately $5.5M annually from the reductions, and will spend $735,000 on severance. Among an executive shuffle, the firm said its VP of Worldwide Marketing, Christine Huff, will be leaving the company.