QLogic Corp (QLGC) Approves Restructuring, Workforce Reduction

On September 22, 2015, QLogic Corp (NASDAQ: QLGC) approved a restructuring plan designed to further align the Company’s future operating expenses with its current revenue expectations. The restructuring plan includes a workforce reduction and the consolidation and elimination of certain engineering activities. The Company anticipates that the restructuring activities will be substantially completed during the Company’s fiscal 2016.

In connection with the restructuring plan, the Company expects to incur between $5 million and $6 million of pre-tax charges, including $3 million to $4 million of cash charges. The expected charges associated with the restructuring plan consist of approximately $2 million of employee termination benefits and $3 million to $4 million of other costs, including costs related to a facility under a non-cancelable lease that the Company intends to cease using as part of the restructuring plan. The Company expects that the charges associated with the restructuring plan will be recorded in the Company’s fiscal 2016.

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