Storage vendor Tintri is laying off 200 members of its workforce in a bid to save cash, however the outfit is still likely to go tits up by 30 June.
In a filing to the SEC, Tintri revealed that the terminations were “ongoing” but that it expects to complete the process soon, leaving a skeleton staff of 40 to 50 to keep it afloat.
CEO Thomas Barton left the office last week, and Tom Cashman, Tintri’s VP of worldwide sales and alliances, was also laid off.
Tintri is currently $15.4 million in debt with Silicon Valley Bank and owes $50 million to TriplePoint Capital.
In its filing, the vendor said: “Tintri has very limited cash resources remaining and currently does not expect to have sufficient liquidity to continue its operations beyond 30 June 2018.”
It is expected to be delisted soon and then the the company’s common stock may trade only on the over-the-counter market, or not at all.
