Cisco to shut down its US and Canadian Offices for 4 days
Networking giant Cisco Systems has decided to shut down its U.S. and Canadian offices for 4 days over the holidays as part of its plan to cut costs.
Cisco hopes that the shutdown will help save $1 billion in operating expenses in the current financial year. The company plans to close its offices in the United States and Canada from December 29, 2008, until January 2, 2009.
The company’s shares drops 6% on fears that the move shows demand for Cisco's computer networking equipment remains dull, forcing the company's first mandatory shutdown in over a decade.
The San Jose, Calif.-based company is forecasting that sales will fall 5% to 10% in the current quarter as the credit crisis strangles spending by corporations.
Cisco wouldn't say how many employees will be affected by the closure or how much money it will save because of the decision.
United Kingdom News
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