Network equipment maker Cisco will shut its US and Canadian operations for four days over New Year, and will encourage its British staff to take holiday over the same period, to help save $1bn in costs.
A Cisco spokesperson said the firm will also seek cuts in travel and discretionary-related expenses, including offsites, outside services, equipment, events, trade shows, prototypes, marketing and other activities.
Cisco said, "On our Q1 FY '09 earnings call, Cisco announced that it will be reducing our expenses for FY09 by over $1bn from our annualised expense run rate given the challenging macroeconomic environment. Cisco will be targeting reductions in travel and discretionary-related expenses, including offsites, outside services, equipment, events, trade shows, prototypes, marketing and other activities.
"As part of this effort, Cisco will implement a mandatory year-end shutdown of the US-Canada theatre from December 29, 2008, through January 2 2009, with some exceptions for targeted business-critical teams, including technical assistance services and channel partner and customer product ordering services. In Europe, employees are encouraged to take four vacation during the holidays or at some point during Q2."