Fitness company Nautilus Inc announced that it is reducing its workforce by about 140 positions, including about 80 at the company's headquarters, to trim its expenses by more than $10 million on an annualized basis.
The adjustments equate to about 9 percent of the company's workforce and about 12 percent of its annualized compensation. Severance and benefits packages based upon years of service are being offered to affected staff.
"We are pursuing this workforce reduction, along with a number of other restructuring initiatives, to improve operating margins in a period of lower-than-expected sales," said Bob Falcone, Chairman and CEO of Nautilus Inc.
"We regret the impact to staff, families and communities but must make tough decisions now to assure a bright future for this company and long-term value for our shareholders."
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