GTSI lays off another 10 percent
- By Judi Hasson
- Feb 13, 2006
GTSI, a government technology solutions company, cut 10 percent of its workforce today, the second round of layoffs the company has initiated since October 2005.
“We adjusted the size of the company to better meet our market capacities,” said Dendy Young, GTSI’s chairman and chief executive officer.
Last October, GTSI eliminated about 90 people from its workforce of 900. Today, it let an additional 10 percent go – about 80 people he said.
Young said the adjustments are part of a strategic plan to further align the company. He said the plan has three parts, including eliminating duplication, identifying underperforming assets and continuing to evolve, which may include acquisitions.
Young said GTSI has no plans for more layoffs. Everyone who lost a job today received a layoff package, he said.
“The longer they have been with us the more we take care of them,” Young said.
For the third quarter of 2005, the last time the numbers were available, GTSI reported sales of $287.6 million, a 13 percent decline compared with the same period a year earlier.