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ADBE > SEC Filings for ADBE > Form 8-K on 8-Nov-2011All Recent SEC Filings

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Costs Associated with Exit or Disposal Activities, Other Events, Financial Stat

Item 2.05. Costs Associated with Exit or Disposal Activities.

On November 8, 2011, Adobe Systems Incorporated ("Adobe" or "we") announced it is restructuring its business to better align its resources around its Digital Media and Digital Marketing strategies (the "Restructuring Plan"). As a result, we expect to eliminate approximately 750 full-time positions worldwide. We expect to record in the aggregate approximately $87 million to $94 million in pre-tax restructuring charges associated with this Restructuring Plan. Included in these charges are (i) approximately $17 million to $19 million primarily related to the consolidation of leased facilities and (ii) approximately $70 million to $75 million related to employee severance arrangements. We expect to record approximately $73 million to $78 million of these charges in the fourth fiscal quarter ending December 2, 2011. We expect to complete the majority of the activities related to the Restructuring Plan by the end of the first quarter of fiscal 2012. Substantially all of these charges will result in cash expenditures.

Item 8.01. Other Events.

On November 8, 2011, Adobe issued two press releases, which are included as exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press release issued on November 8, 2011 entitled "Adobe Reaffirms Fourth Quarter FY2011 Revenue Target, Restructures to Align Business around Digital Media, Digital Marketing"

99.2 Press release issued on November 8, 2011 entitled "Adobe to Outline Growth Strategy at Financial Analyst Meeting"

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