IGT says layoffs will cost up to $21 million in 1Q

Nov 20, 2008 8:19 PM

Staff & Wire Reports |

International Game Technology says work force reductions will cost the company up to $21 million in one-time charges during the first quarter of the fiscal year.

The estimate was made Wednesday in a filing with the Securities and Exchange Commission.

Reno-based IGT, the world's largest maker of slot machines and casino management systems, last week said about 500 employees, roughly 8 percent of its global work force, was offered either early retirement or severance packages.

The expense of those buyouts will range from $16 million to $21 million for the quarter ending Dec. 30, the company said.

IGT shares Wednesday hit a new 52-week low, falling to $9.24, down 80 cents or nearly 8 percent, in midday trading.