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Overland Storage Cuts 14% of Work Force

Overland Storage Inc. announced April 20 that it cut 54 jobs, or 14 percent of its work force, as part of a push to reduce costs.

San Diego-based Overland, which produces data storage gear, made the cuts April 19, said Chief Financial Officer Vernon LoForti, bringing its worldwide employee count to 335.

The company is working on additional ways to cut spending, LoForti said.

Overland said that it made reductions across all functions of the company, that it expects to save $5.5 million a year because of the cuts, and that it will take a charge of $735,000 related to severance costs during the current quarter.

The company trades on the Nasdaq as OVRL. In midday trading April 20, the stock was at $3.99, down 7 cents from the previous day’s close.

Overland plans to report earnings from the quarter ended March 31 on April 26. The company said it expects to report revenue of $37.5 million.

, Brad Graves

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