Avid pinkslips 140, shuts offices

Boston HQ affected as co. tries to 'manage expenses'

Avid Technology, the powerhouse behind the editing software used to create most Hollywood films, TV shows and musicvids, said Tuesday it would pinkslip 140 staffers and close several offices in an effort to save $11 million per year.

“Given the current economic environment, we recognize the need to carefully manage our expenses,” said Avid CEO-prexy David Krall. “We’re taking these difficult but important steps to further improve our cost structure and profitability, while preserving our investments in the future. Our customers should see no adverse impact on either our product offerings or our level of support as a result of these measures.”

Cuts hit Boston HQ

The reductions, which account for roughly 8% of its workforce, will force the Tewksbury, Mass.-based company to take a third-quarter restructuring charge of $8 million. A majority of those affected by the cutbacks and consolidations will come from Avid headquarters near Boston.

As a result, operating expenses, excluding amortization and restructuring, are expected to decline to approximately $56 million for the third quarter and approximately $55 million for the fourth quarter.

Last month, Avid reported a second-quarter loss due to declines in European video business and worldwide audio business of $14.8 million. A year ago it had a net loss of $18 million.

More Film

  • Jamie Lee Curtis Embraces Sobbing Fan,

    Jamie Lee Curtis Embraces Sobbing Fan, 'Halloween' Saved His Life

    Avid Technology, the powerhouse behind the editing software used to create most Hollywood films, TV shows and musicvids, said Tuesday it would pinkslip 140 staffers and close several offices in an effort to save $11 million per year. “Given the current economic environment, we recognize the need to carefully manage our expenses,” said Avid CEO-prexy […]

  • Teen Titans Go to the Movies

    Film Review: 'Teen Titans GO! to the Movies'

    Avid Technology, the powerhouse behind the editing software used to create most Hollywood films, TV shows and musicvids, said Tuesday it would pinkslip 140 staffers and close several offices in an effort to save $11 million per year. “Given the current economic environment, we recognize the need to carefully manage our expenses,” said Avid CEO-prexy […]

  • Glass trailer

    M. Night Shyamalan's 'Glass' Trailer Debuts at Comic-Con

    Avid Technology, the powerhouse behind the editing software used to create most Hollywood films, TV shows and musicvids, said Tuesday it would pinkslip 140 staffers and close several offices in an effort to save $11 million per year. “Given the current economic environment, we recognize the need to carefully manage our expenses,” said Avid CEO-prexy […]

  • James Gunn

    James Gunn Responds to Being Fired From ‘Guardians of the Galaxy Vol. 3’

    Avid Technology, the powerhouse behind the editing software used to create most Hollywood films, TV shows and musicvids, said Tuesday it would pinkslip 140 staffers and close several offices in an effort to save $11 million per year. “Given the current economic environment, we recognize the need to carefully manage our expenses,” said Avid CEO-prexy […]

  • SUICIDE SQUAD

    How Tapping a Female Writer for the Harley Quinn Movie Changes 'Everything'

    Avid Technology, the powerhouse behind the editing software used to create most Hollywood films, TV shows and musicvids, said Tuesday it would pinkslip 140 staffers and close several offices in an effort to save $11 million per year. “Given the current economic environment, we recognize the need to carefully manage our expenses,” said Avid CEO-prexy […]

More From Our Brands

Access exclusive content