Friday, September 12, 2008

IKON to cut 250 jobs: "Business as Usual"

LDS, Legal Document Services

Ikon is reducing the number of LDS locations in the US and Europe.

"The company expects related pre-tax charges of about $7 million, a significant portion of which is expected to be taken in the fourth quarter."...

"The total pre-tax charges associated with these actions include severance expenses, asset impairments, and contract costs estimated to be approximately $7 million, a significant portion of which is expected to be reported in Q408. The estimated after-tax cash expenditures total approximately $4 million and consist primarily of severance payments and lease termination costs. IKON expects to complete the actions described above in Q408.
"

So, business as usual means this reduction was being planned for a while - and LDS had always been of to the "side" and been going through reductions for a while.

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