Mobile surveillance systems provider Sentry Technology Corp. is in the process of a major restructuring, including outsourcing its product manufacturing. The company says changes in all departments will result in the layoff of approximately 60 employees to bring all costs in line with core business revenue.
“We are disappointed to lay off so many long-standing employees,” says Peter Murdoch, president and CEO of Sentry. “These changes are necessary to right size the company to help ensure future success. Successful implementation of the complete plan requires future restructuring of certain debt, combined with an additional equity infusion, which the company is currently pursuing.”
The company estimates that more than $2.5 million will be cut from its 2003 operating budget while increasing future profit margins by approximately 3 percent, according to a statement.
