Cisco is planning to shut down its North American offers for five days from December 29 as part of a drive to save $1 billion in costs.
The economic crisis has hit Cisco hard, with the company projecting that revenue will decline for the first time in five years this quarter. The company has predicted that revenue will decline by as much as 10% year-on-year to $8.85 billion.
As a result, the company has suspended hiring, business travel and relocations, and is planning the aforementioned shut-down, according to Bloomberg.
Some employees, such as technical support staff, will remain working during the period.
As a result of the announcement, Cisco's stock fell 6% to $15.42.