SeaChange International is to make significant staff reductions in its North American operations as it looks to stem ongoing losses.
A filing with the Securities and Equities Commission posted earlier this month reveals annualised cost savings of $8.1 million will be made once complete.
No details of how many positions will be affected have been revealed, but restructuring and severance charges are expected to reach approximately $1.5 million.
In April, SeaChange terminated the contract of its CEO, the ‘technology disrupter’ Jay Samit, replacing him with COO Ed Terino, itself resulting in annual savings of $7 million.
Last month, SeaChange reported a loss of $8.4 million from $20 million revenue.