LayoffBlog.com

November 25, 2008

Cisco Plans Year-End Office Closure to Reduce Costs

According to Bloomberg: “Cisco Systems plans to shutter its North American offices for five days for the first time in more than a decade as it seeks to shave $1 billion in costs.

The company’s U.S. and Canada offices will be closed Dec. 29 through Jan. 2, Terry Alberstein, a spokesman, said in an e-mail today. Some teams including technical support will be working.

Customers are withholding orders because of the financial crisis, forcing Cisco to suspend hiring, business travel and relocations in a bid to cut expenses. Chief Executive Officer John Chambers forecast a revenue decline for the first time in five years for the second quarter, which ends in January.”

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