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Avid Technology Inc., a developer of digital-film editing systems, said Friday it will cut 120 employees as it restructures its business. A company spokeswoman was unable to say how many of those job cuts will occur in Massachusetts.
The company, which earlier this week detailed plans to move its headquarters from Tewksbury to Burlington, said it will incur between $7 million and $9 million in termination-related costs. Those outlays will likely be booked in the quarter ending Dec. 31, the company said in a regulatory filing.
Since 2006, Avid (Nasdaq: AVID) has overseen five rounds of layoffs, affecting some 291 employees globally, according to the company’s filings with the SEC. In each case, the company has paid between $38,000 and $97,000 in restructuring costs per employee, according to the company’s financial filings.
Google Finance lists Avid’s total employees at 2,350.
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