Hewlett-Packard plans to lay off 2,000 more workers — increasing the total to 29,000 who will be forced to leave the computer company by the end of fiscal year 2014.
HP (HPQ, Fortune 500) said on Monday, in a document filed with the Securities and Exchange Commission, that it was increasing the number of workers slated for layoffs or retirement.
The company first unveiled its restructuring plans in its earnings report back in May. At the time, HP said that 8% of its workforce was slated for reduction. HP said that the workers had to “exit the company” by the end of fiscal year 2014, which ends on Oct. 31 of that year.
HP has suffered through a series of fiscal missteps, including the failed launched of a tablet computer after acquiring smartphone company Palm, in the past few years. Like its top rival Dell (DELL, Fortune 500), HP has struggled to adapt to the mobile world that’s being led by Apple (AAPL, Fortune 500) and its iPhone and IPad tablet. HP is trying to reposition itself as more of a software and services company that can compete more effectively against the likes of IBM (IBM, Fortune 500) and Oracle (ORCL, Fortune 500).
Former eBay (EBAY, Fortune 500) CEO Meg Whitman was named HP’s CEO a year ago, and she is the company’s third CEO in less than seven years. The company’s stock has plunged more than 30% year-to-date.
Coffee with DistilINFO's Morning Updates...
Sign up for DistilINFO e-Newsletters.