Though it seems that the economic crisis is nearly behind us, not everyone is enjoying a recovery. Dov Moran's start-up Modu is planning another round of cuts in its operations.
The cuts include a significant round of layoffs, of about 100 workers, and as much as half its workforce. Alongside the layoffs, the company plans to reduce its operations so that the firm will be operating at the minimum required level.
The company did not respond to the report.
Modu, established in 2008, develops modular mobile phones that can be used for various applications.
The company had originally planned to supply the mobile phones, with sales of $100 million, in 2009. However, over the course of last year, its plans changed as a result of the economic crisis and its financial difficulties. The firm did not succeed in raising the amount of start-up funding it planned, and as far as is known, has not raised further funds.
Published by Globes [online], Israel business news - www.globes-online.com - on November 9, 2009
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