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It looks like Southern California's emerging electric automobile industry has definitively hit the skids, as Santa Monica-based electric auto developer Coda Automotive laid off 50 employees Tuesday. The layoffs--first reported by PlugInCars--apprently included a "substantial part" of its sales and marketing staff.
Los Angeles-based online content developer Machinima said Thursday that it has laid off 42 people at the company, all from its sales force, as the company continues to struggle with low ad rates and the large chunk of revenues that are claimed by Google from multi-channel networks. READ MORE>>.
Bankruptcy Court has granted a motion to approve a sale of the majority of THQ's assets to multiple buyers. THQ detailed the sale Wednesday night, saying the company's estate will receive approximately $72M in total through the sales of its owned studios and games in development.
Tesla said that to achieve this lower price it will shift all sales globally to online only, meaning the company will be closing many of its stores over the next few months. There will be some layoffs as a result. Musk later said they would be hiring more service technicians.
Agoura Hills-based THQ , the embattled videogame maker, is finally seeing some good news, reporting today that it is expecting to report non-GAAP net sales of $160 million to $170 million, above its previous outlook of $130 million to $150 million.
Los Angeles-based 3D movie project technology developer RealD said this morning that it has cut its headcount, and will be downsizing its facilities, as part of a expense reduction move. According to RealD, the cuts include the elimination of certain sales and marketing and research and development expenditures. READ MORE>>.
Storage hardware developer Adaptec is shutting down its Lake Forest, Orange County site, according to sources close to the company. Adaptec moved into Lake Forest in August of 2008, when it acquired Aristos Logic , a developer of RAID chips and technology. Tags: adaptec jobs layoff employment orange county lake forest.
San Diego-based cybersecurity developer Websense announced Friday that it is officially moving its headquarters to Austin, Texas, and moving 470 jobs to the city. websense jobs employment texas layoff' Vista Equity owns Websense, along with Omnitracs, which is also moving to Texas. READ MORE>>.
The firm said it retains 93 full time equivalent employees at the company, including 57 in sales and marketing; the firm is now hoping the FDA will provide action on its NDA sometime this summer. zogenix pharmaceutical lifescience jobs employment layoff disorder drug development' READ MORE>>.
San Diego-based Sequenom , a developer of genetic analysis equipment, announced late Thursday that the firm has cut approximately 30 employees as part of a cost cutting measure. According to the firm, the cuts were a result of a "continuing weak outlook in 2009" for sales of its equipment, particularly in the U.S.
Agoura Hills-based THQ , a developer and publisher of video games, said Wednesday that it is making "additional cost reduction actions" which includes the layoff of approximately 600 people, or 24 percent of the company's workforce. Tags: employment jobs layoff video content game. READ MORE>>.
TorreyPines said that Merriman Curhan Ford will help the firm assist in evaluating "strategic options," including sale of the company or its assets. The hiring of the bank follows the layoff of most of the firm's employees earlier this month.
TorreyPines said that Merriman Curhan Ford will help the firm assist in evaluating "strategic options," including sale of the company or its assets. The hiring of the bank follows the layoff of most of the firm's employees earlier this month.
Agoura Hills-based THQ , the developer of videogames, has cut 30 of its staff, due to poor performance of its uDraw tablet for the Wii, Xbox 360, and PS3. The cuts were due to "weaker than expected" sales of the gaming accessory. READ MORE>>.
San Diego-based Somaxon Pharmaceuticals , a developer of sleep medication, said today that it has cut 60 percent of its non-field based employees, and has hired a financial advisor to help sell the company. The firm said it has hired Stifel Nicolaus Weisel to help in "strategic alternatives", and cut its staff to minimize its cash burn rate.
The firm said it is cancelling several titles under development, closing five studios, and reducing approximately 250 people and streamlining its corporate organization. THQ blamed lower-than-anticipated international sales of WALL-E, and higher than expected sales returns and allowances. READ MORE>>
Los Angeles-based CyberDefender , the developer of Internet security software and remote technical support, said Tuesday that Chairman and CEO Gary Guseinov has resigned. As part of the shuffle, the firm said it will focus on its LiveTech service offering, and discontinue development of proprietary software intended for sale to consumers.
Camarillo-based analog and mixed signal semiconductor developer Semtech said late Wednesday that it has cut its employee base by eight percent, as it looks to adjust to a decline in its revenues due to weak, Korean smartphone demand. Semtech said that the cuts mostly come from sales, general, and administrative expenses.
San Diego-based residential solar power installer OneRoof Energy said late Friday that it has "significantlyr educed" its work force, and has begun winding down its operations, after it said it was unable to secure financing necessary to continue sales, marketing, and development.
The company also said it is looking to divest it infrastructure business units in the new term, and hired an investment banker to manage the sale. In a related move, the company said that it has engaged the services of Lazard to help the firm develop and implements its business divsestiture strategy. READ MORE>>
San Diego-based Inseego , the developer of the MiFi wireless hotspots, has aborted its plans to sell off its MiFi division to Chinese company TCL Industries Holdings (H.K.) Limited , and has embarked on a massive restructuring of the company.
.” —Company funding news: Tesaro (NASDAQ: TSRO ) of Waltham, MA, said it took advantage of positive Phase 3 data to raise $409 million in a secondary stock sale…Protagonist Therapeutics, based in Milpitas, CA, has filed for a $75 million initial public offering. million in funding, according to a regulatory filing.
If you want fireworks this weekend, you can either celebrate the 4th of July or watch the latest post-Brexit political developments in Britain. Shares were down nearly 8 percent in aftermarket trading… Boehringer Ingelheim said it would lay off 724 jobs , mainly in sales, across the U.S., This week, UPenn revealed more details.
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