Qualstar to Cut WorkforceTuesday, August 21, 2012
Qualstar Corp. said in a regulatory filing that it would reduce its workforce by 13 percent to about 61 people.
The Simi Valley maker of automated data storage products said the cuts were related to phasing out unprofitable and outmoded product lines, including two tape drive products and its touchless mouse business. The company expects the job cuts to result in annual savings of about $480,000, and help it achieve profitability by the end of the current fiscal year.
Qualstar’s share price last week fell 7 percent after the company reported a fiscal fourth quarter net loss on lower sales and higher costs related to a proxy battle. Shares on Tuesday fell 6.5 percent to $1.59 on the Nasdaq.