Violin Memory To Cut About 100 Jobs, Explore Alternatives For PCIe Business

(RTTNews) - Violin Memory Inc.(VMEM) announced a strategic restructuring plan to accelerate growth and increase operating leverage. It has implemented a workforce reduction that brings its current employment level to about 380 positions, compared to 483 positions as of October 31, 2013.

The company said that its restructuring plan included a global reorganization of its sales, marketing and engineering functions designed to sharpen its focus on core segments of the flash-based storage market, drive greater efficiency and grow revenues by strengthening engagement of indirect channels.

The company also announced that its board authorized a review of strategic alternatives for its PCIe flash memory card business in order to focus on markets where Violin has proven technology leadership and significant growth opportunities. The company anticipates it will complete the review and take any related actions by the end of its first fiscal quarter, resulting in an anticipated reduction of operating expenses of about $10 million on an annual basis.

The company said it will provide more information about the strategic restructuring plan during its fourth quarter and fiscal year 2014 financial results conference call on March 6, 2014.