QLogic Chops Staff In Restructuring

Aliso Viejo-based storage and networking products firm QLogic said Tuesday that it has cut its workforce as part of a restructuring plan, which it says will help it drive long term profitable growth. Size of the cuts wre not announced ,however, QLogic said it expects the cuts will help it save approximately $20M in cash annually. QLogic said it will take a pre-tax GAAP charge of between $20M and $23M in connection with the restructuring.