Cirrus Logic Inc.
CRUS,
said it will cut 5% of its workforce, or about 85 employees, according to a filing with the Securities and Exchange Commission late Wednesday. The job cuts are a result of “overall market conditions and the impact related to a new product previously scheduled for introduction this fall no longer being expected to come to market as planned,” the electronics supplier said in the filing. In the company’s annual report, Cirrus listed 1,702 employees as of March 25. The company said it expects to take charges related to the cut in the fiscal second, or September-ending, quarter.
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