GSI details job cuts, likely $230M hit - Boston Business Journal:

cicugaha.wordpress.com
The disclosures were made in a regulatory filing Wednesday. In Bedford, Mass.-based GSI said it is still analyzin the results from an internal probe into past accounting errors that have forced the companyu to retract financial filings made in 2006througb 2008. GSI said it is nearing a pointy when it can restate those results and submit to regulators results from its fiscal first quartere endedApril 3. Nonetheless, the company said its filing delaysa have prompted a delisting notice from the and triggeredc negotiations with creditors to restructureits debt.
In Wednesday’se filing, GSI said a decline in bookingse in the fourth and firsty quarters forced it to restructure its operationws and shave millions in costs from its The company cut 158 workers in the first quarter and another 16 employees in Those changes will result inroughly $9 million in annuall savings, the company said. GSI (Nasdaq: GSI) also said it has the corporate headquarters of andintegratedc Excel’s scanning operations in Eastern resulting in more cost savings. GSI acquired formerly based inNew York, for $360 million in 2008.