Woes mount for StorageNetworks
Weeks after cutting its staff by half, the software maker announces that two directors are stepping down and that it is exploring strategic alternatives--including, perhaps, putting itself up sale.
In a statement, the Waltham, Mass.-based maker of software for storage management said that it has hired investment banking companies "to identify and assess all available alternatives to maximize shareholder value," presumably including a sale of the company. StorageNetworks also said that George McClelland and William Weyand have resigned as members of its board of directors.
"Going forward, we anticipate that our board of directors will be required to focus significant energy and time working with our investment bankers and other advisors to identify and assess opportunities to maximize shareholder value," StorageNetworks CEO Paul Flanagan said in a statement.
A StorageNetworks representative was not immediately available for further comment.
The news that the company is looking at strategic alternatives comes after a number of efforts by StorageNetworks to pare its businesses and work force.
In January, the software maker cut its staff by half and announced that its chief executive, Peter Bell, was stepping down. The company said at that time it had 110 employees. It has made a series of layoffs, scaling back from the 670 workers it once employed.