Irvine-based Island Pacific Inc. said Wednesday it plans to lay off 60 workers as part of an ongoing cost-cutting program.
Island Pacific makes customer management software for retail stores.
“Our management team has carefully investigated all overhead and expenses of the company,” said Barry Schechter, Island Pacific’s chief executive.
“The team paid particular attention to ensure that efficiencies and levels of support to customers and business partners were not compromised,” he said.
The move should save the company $6 million annually. Island Pacific said it hopes to return to profitability this year.
The layoff announcement comes a day after Island Pacific said it sold $4.2 million in convertible bonds to Laurus Master Fund Ltd. and Midsummer Investments Ltd. The company plans to use the funds to pay off some debt and for general corporate purposes.
Island Pacific shares trade on the American Stock Exchange and were slightly down to 18 cents a share.
