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Cisco Systems Inc. will close most of its U.S. and Canadian offices for 4 days over the holidays as part of a plan to cut $1 billion in costs in the current fiscal year, the company said Tuesday.
The San Jose, Calif.-based company is forecasting that sales will fall 5 percent to 10 percent in the current quarter as the credit crisis strangles spending by corporations.
Cisco’s closure begins Dec. 29 and lasts through Jan. 2. The company describes it as a 4-day shutdown because it includes New Year’s Day, a federal holiday when Cisco offices would be closed anyway.
Cisco said that "business-critical teams" including IT support and ordering services would stay open.
