Conner Peripherals Inc says it plans to complete its previously-announced work force reduction of 1,100 employees, of whom 450 have been gone in the past two months, in coming months as it implements its restructuring programme: the company says its loss (figures opposite) reflected the effects of ongoing price erosion in the industry, problems with the introduction of two undisclosed products, and disposal of higher cost inventory produced earlier in the year; the problems with the two products were solved in the quarter and were related to vendor qualifications and the production process, the company said; on its write-downs for goodwill and other intangible assets, Conner said it had an impairment in the value of its acquisition of Archive Corp based on changes in industry conditions that impacted revenues and lowered grossmargin performance and forecasts.
