Thursday, January 24, 2008
TenFold To Slash Workforce By 40 Percent
TenFold Corp., a publisher of service-oriented architecture framework applications, revealed Wednesday that it plans to lay off some 40 percent of its workforce, effective immediately. The Salt Lake City, Utah-based company explained that, though it realized a small net profit for Q4 2007, it did not procure enough new business. As a result, TenFold said its board of directors elected to continue operations with a reduced staff while seeking potential buyers. TenFold, which is traded on the OTC Bulletin Board as TENF, said it is also exploring the possibility of restructuring and going private. However, TenFold added that it might suspend operations altogether if it is unable to find a buyer, go private or close significant new business.