Layoffs may be part of Imation's new 'restructuring plan'

Author:
Updated:
Original:

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.

Next Up

State Patrol

State Patrol reports 2 fatal crashes on Friday in Minnesota

The first incident happened in Austin Township, and the second happened in Birch Lake Township.

motorcycle

Deaths on Minnesota roads in 2021 at highest level in more than a decade

There have been a total of eight motorcyclist fatalities on Minnesota roads this year.

Screen Shot 2021-05-08 at 9.15.09 AM

Chinese rocket debris to crash somewhere on Earth this weekend

Minnesota appears to be just outside of it's massive potential crash zone.

Starlink satellites

Strange lights in Minnesota sky Friday night were SpaceX satellites

SpaceX is planning to launch 60 more Starlink satellites on Sunday, May 9.

Jorge Polanco

Shoemaker, Twins lineup rebounds against Tigers

Jorge Polanco homered in a 7-3 victory over Detroit.

Kirill Kaprizov / Minnesota Wild

Watch: Kaprizov's OT winner lifts Wild into 2nd place in West

Kaprizov's goal gave the Wild a 3-2 victory over the Ducks.

Byron Buxton

Buxton placed on IL, Trevor Larnach called up

Buxton could be out "for weeks" with a hip strain.

A bald eagle perched on branches.

USFWS confirms 2 bald eagles were shot dead

The agency is offering a reward for information in the case.

A newborn baby, wrapped in a blanket with its mother.

Most popular baby names includes one not in top 10 for 100 years

But Olivia and Liam once again led the way for girls and boys.

Related