Sycamore Networks to cut 30 percent of work force

Sycamore Networks Inc. said Wednesday it is cutting about 30 percent of its worldwide work force because of the economic turmoil and reduced capital spending in the telecommunications market.

The company had about 470 employees as of Jan. 24.

Sycamore expects annual cost savings of $17 million to $18 million once the cuts are completed over the next several quarters. Sycamore also expects to take restructuring charges of $4 million to $5 million over the next several quarters.

The cuts, the company said, will "affect all functional organizations and multiple geographic locations."

Shares closed up 2 cents at $2.90.