Copper Mountain Networks (CMTN) set plans Friday to lay off most of its staff.
The Palo Alto, Calif., maker of digital subscriber line, or DSL, networking gear said it would keep "a limited team of employees to provide customer support and handle matters related to the ongoing exploration of strategic alternatives," and issue layoffs to the others by March 22. The company had 111 workers at last count, according to Yahoo! Finance.
The company said in August that it had hired banking firm Raymond James & Associates to explore strategic options, including a possible sale of the company. Copper Mountain put itself on the block after the cancellation of a large carrier broadband upgrade project and potential delays in decisions from several other large carriers.
Copper Mountain was one of the DSL vanguard in the late '90s. It hit a split-adjusted market high of $935 per share in July 2000 as investors crowded into broadband equipment names.
On Friday, though, the company said that its board concluded that "maintaining the company's existing employee head count was not necessary for any of the strategic alternatives currently under consideration, and the ongoing employee-related expenditures could potentially decrease total stockholder value."
Copper Mountain fell 13 cents in after-hours action Friday to $1.80.