<a href="http://www.creaf.com/">Creative Technology Ltd.</a> announced that it will lay off 10% of its 5,500 worldwide employees to help cut costs.
Creative, which is based in Singapore, said it will also shut down a plant in Malvern, PA, and will consolidate its manufacturing within the company's Singapore plants. The company said it would also kill certain Internet initiatives it is working on. The company estimates that it will spend $15-20 million to accomplish this restructuring. Creative Technology executives blamed the "steep downturn in global equity markets" and the "severity of the economic climate" for the layoffs.
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