- Following a rough 2013, Rosetta Stone (RST -0.7%) is shutting down its Japanese office (the company will now rely on Japanese partners) and "streamlining" its South Korean ops to make them more focused on its proctor-assisted learning products. (PR)
- These moves will results in 66 jobs being cut, and a $2.5M-$3.5M charge being taken.
- Rosetta also says Pragnesh Shah, the head of its Global Consumer unit, will be leaving the company by the end of March, after overseeing the Japanese/Korean restructuring. With Rosetta's international consumer ops having been downsized, no replacement is expected to be named.
- Rosetta's Rest of World Consumer sales (12% of total revenue) fell 28% Y/Y in Q3 to $7.2M. Over the first nine months of 2013, Japan accounted for 1/4 of the business' sales.
at CNBC.com (Apr 5, 2013)