Dubbing it the “next milestone in company transformation”, Avid has announced that changes to the company's structure – including jobs cuts and “darkening underutilized facilities” – that are expected to yield over $68 millions (approximately €61.7 million) in savings.
The company has declined to make any further comment on the news, but according to a report made by popular blog Pro Tools Expert “Jobs have gone in product management, beta and QA, applications engineering and marketing. This includes teams from both the USA and Germany and may extend to other Avid offices around the world.”
In addition, Avid has also secured a new $105 million line of credit that will “will be used to replace the Company's existing $35 million revolving credit facility, finance the Company's efficiency program and other transformation initiatives, and provide operating flexibility throughout the remainder of the transformation in this period of heightened market volatility”.
Meanwhile, despite a previous report on 8 March, details on the Avid Cloud Collaboration for Pro Tools storage cost had not been finalised and therefore were not yet ready for publication, PSNEurope has been advised.
+ THIS ARTICLE WAS UPDATED ON 13 MARCH