Business
Quantum Provides Update on Business, COVID-19 Response and Supply Chain
Quantum CEO Reiterates Viable Supply Chain and Core Position with Customers SAN JOSE, Calif., March 23, 2020 /PRNewswire/ -- Quantum Corporation (NASDAQ:
About this update from Quantum Corporation
[{"type":"text","content":"Quantum CEO Reiterates Viable Supply Chain and Core Position with Customers\n\n\nSAN JOSE, Calif., March 23, 2020 /PRNewswire/ -- Quantum Corporation (NASDAQ: QMCO) today published a letter to employees, customers, suppliers, partners and shareholders as the Company responds to the turmoil related to the COVID-19 pandemic.\n\n \n \n \n \n \n \n\n \nDear Valued Quantum Stakeholders,\nTogether as a society, we are taking unprecedented actions to stand in solidarity with each other; to protect our health, our families, our businesses, and our communities. As we navigate the rapidly changing economic landscape of the pandemic, the quarantines and the resulting business realities, I am convinced that while today's challenges are significant, Quantum is well equipped to continue its execution of the long term strategic plan. In fact, the Company is stronger today, than we were in 2018. At that point, we were highly leveraged with a deteriorating business and an SEC investigation, we were out of compliance with multiple loan covenants, saddled with ongoing fines, a delisting of our shares, shareholder lawsuits and addressing a multi-year financial restatement. We were able to renegotiate our loans, from a position of relative weakness, and since then, we have meaningfully turned the business around, regained profitability, revitalized our product line, and returned to a national listing. This management team has proven it can navigate through challenging and uncertain economic periods by focusing on our disciplined operational and strategic execution.\nIn the near term, Quantum has taken the necessary actions and precautions to keep our employees and business operations safe during these unprecedented times. For example:\nAs part of our commitment to flatten the curve of COVID-19 and keep communities safe, Quantum employees around the world are working from home and in almost all cases, they have the requisite IT infrastructure to remain productive using our collaboration tools, cloud-based software, and global networking infrastructure. For many of our employees, working from home is business as usual, and we have the systems and processes in place to operate at full capacity from these remote locations. Our core data center continues to operate, albeit with a select group of essential personnel to keep our sites sterile while maintai...