Imation is releasing the details of its new restructuring plan, and it could be bad news for a number of Minnesota workers.
The plan includes the sale of the company's Oakdale headquarters, the severing of a licensing deal with TDK Electronics, and "mass layoffs," the Pioneer Press reports.
A "source within the company" tells the paper – which says it obtained a copy of a layoff notice – that as many as 125 people could lose their jobs in permanent cuts expected to start this November.
For its part, the data storage company hasn't said how many jobs will be impacted as the downsizing process begins, the Minneapolis / St. Paul Business Journal notes.
The publication said Imation is striving to find a new place for itself in an ever-changing market, which has weeded out the physical data-storage media – like tapes and CDs – it has traditionally relied on.
The Star Tribune reports the company will now focus on providing data services and "security solutions" to corporations, as opposed to consumers.