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Monterey Pasta Cutbacks

It will report a third-quarter loss.
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Monterey Gourmet Foods

(PSTA)

forecast a third-quarter loss and said it would cut 8% of its workforce in a consolidation push.

The Salinas, Calif., company said it would close its Casual Gourmet Foods offices in Clearwater, Fla. The company expects a third-quarter loss of 17 cents to 23 cents a share, tied to a writedown of the Causal Gourmet operations.

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"These actions are being taken to make the company more productive and profitable across all our brands and all our plants," said CEO Eric Eddings.