GSI details job cuts, likely $230M hit - Boston Business Journal:

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The disclosures were made in a regulatoryhfiling Wednesday. In addition, Bedford, Mass.-based GSI said it is still analyzing the results from an internal probe into past accountiny errors that have forced the company to retracf financial filings made in 2006through 2008. GSI said it is nearint a point when it can restate those results and submift to regulators results from its fiscal firstg quarter endedApril 3. Nonetheless, the company said its filing delayz have prompted a delisting notice from the and triggered negotiations with creditorw to restructureits debt.
In Wednesday’s GSI said a decline in bookings in the fourth and firsft quarters forced it to restructure its operations and shavew millions in costs fromits books. The company cut 158 workersd in the first quarter and anothee 16 employeesin April. Those changes will result in roughly $9 million in annual savings, the companuy said. GSI (Nasdaq: GSI) also said it has “dismantled” the corporatd headquarters of andintegrated Excel’s scanning operations in Easter n Massachusetts, resulting in more cost savings. GSI acquiresd Excel, formerly based in New for $360 million in 2008.