| RiT Technologies announced that it has recently laid off approximately 15% of the Company's employees as part of the cost-cutting steps, aimed at accelerating its return to profitability. The layoffs were dictated by the Company's revenues of the past three quarters, which were significantly lower than expected due both to delays in the timing of substantial orders and the ongoing slowdown of its target markets. With the goal of preserving cash and ensuring operating flexibility, the Company's Board and Management decided that it was necessary to align expenses with current business levels, and therefore initiated the cost-cutting steps. :theflyonthewall.com |
Subscribe for More Information