Silicon Storage to layoff 120, or 17 percent of workforce

Silicon Storage Technology, the Sunnyvale maker of flash memory, said it is in the process of cutting 120 employees, or 17 percent of its staff, according to a filing it made Friday. The action is being taken “to streamline the organization going forward” so as to “to reflect changes in anticipated levels of business.”

With so many companies laying off employees, the chance for a change in “anticipated levels of business” going forward keeps getting better and better.

The terminations are expected to cost the company $2.8 million, “nearly all of which” is going to expected severance payments, which works out on average to about $23,333 per employee. The company expects to complete the layoffs by Dec. 31 — Happy New Year.