Posted by Jack Davis on March 18th, 2009 at 8:27 pm | Categorized as Docu-Drama, Silicon Storage Technology | Tagged as Asset impairment, Late filing, Silicon Storage Technology
Silicon Storage Technology, the Sunnyvale supplier of NOR flash memory semiconductor devices used in digital devices, said it’s not able to file its annual financial 10-K filing because it’s in the process of increasing the impairment charge it will be taking related to its investment in Grace Semiconductor Manufacturing, a privately held Cayman Islands company.
The company reported Feb. 4 that it would be taking a Read the rest of this entry »
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Posted by Jack Davis on December 20th, 2008 at 9:42 pm | Categorized as Economic slowdown, Layoffs, Silicon Storage Technology | Tagged as Economic slowdown, Layoffs, Silicon Storage Technology
Silicon Storage Technology, the Sunnyvale maker of flash memory, said it is in the process of cutting 120 employees, or 17 percent of its staff, according to a filing it made Friday. The action is being taken “to streamline the organization going forward” so as to “to reflect changes in anticipated levels of business.”
With so many companies laying off employees, the chance for a change in “anticipated levels of business” going forward keeps getting better and better.
The terminations are expected to cost the company $2.8 million, “nearly all of which” is going to expected severance payments, which works out on average to about $23,333 per employee. The company expects to complete the layoffs by Dec. 31 — Happy New Year.
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