Netpliance Announces Another Round of Layoffs
Netpliance (NPLI) said Friday it would lay off 76 employees, approximately 54% of its staff, and narrow the company's focus to broadband infrastructure development.
The layoffs come on top of 93 jobs eliminated in December when the Round Rock, Texas-based firm announced it was shifting its focus from the manufacture of its I-opener Web-surfing appliance to the licensing of the product design and service to others. In December, the company announced that an investor group headed by its CEO wants to take the company private. After the layoffs announced Friday, the company says it will have 50 remaining employees. Its operating expenses will have been reduced by $6 million. The company also said co-founder Kent A. Savage resigned, effective March 15, but will remain on its board of directors. Netpliance shares were off three cents, or 9%, to 31 cents, in Nasdaq trading early Friday.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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