TMCnet News
BRIEF: Modu plans additional layoffs: Alongside the layoffs, the company plans to reduce its operations so that the firm will be operating at the minimum required level.Nov 09, 2009 (Globes - McClatchy-Tribune Information Services via COMTEX) -- Though it seems that the economic crisis is nearly behind us, not everyone is enjoying a recovery. Dov Moran's start-up Modu is planning another round of cuts in its operations. The cuts include a significant round of layoffs, of tens of workers, which can amount to as much as half its workforce. Alongside the layoffs, the company plans to reduce its operations so that the firm will be operating at the minimum required level. The company did not respond to the report. Modu, established in 2008, develops modular mobile phones that can be used for various applications. The company had originally planned to supply the mobile phones, with sales of $100 million, in 2009. However, over the course of last year, its plans changed as a result of the economic crisis and its financial difficulties. The firm did not succeed in raising the amount of start-up funding it planned, and as far as is known, has not raised further funds. To see more of the Globes or to subscribe to the newspaper, go to http://www.globes-online.com. Copyright (c) 2009, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |