Multiroom-audio supplier Russound reduced its workforce by 18 percent, citing the state of the economy in the United States and foreign markets and the continued decline in U.S. housing starts.
The company didn't elaborate on the number of employees laid off or their positions in the company.
"Russound's business is primarily tied to the home building industry, which has been in decline for well over a year now," said CEO Joe Brouillet. "Everyone in the custom installation business is thinking about how the reduced number of new housing starts is going to affect our business over the next five years."
The company also announced that strategic development VP Jeff Kussard stepped down to become an independent consultant and that it would search for a replacement.