NEW HARTFORD, N.Y. — PAR Technology Corp. (NYSE: PAR) announced late Monday that it is cutting jobs to lower operating expenses at the company and its subsidiary, ParTech, Inc.
PAR’s press release didn’t disclose how many jobs were being eliminated. However, in a regulatory filing with the U.S. Securities & Exchange Commission, the company said it “implemented a 4 percent reduction in its workforce in connection with its restaurant/retail segment’s transition to a software led solutions company.”
PAR employed 1,074 people companywide and 400 in Central New York, as of April 2017, according to the latest data that BJNN Research has from the company.
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PAR said it expects to incur total severance costs in its restaurant/retail unit of about $686,000 in the first quarter of this year, when it expects to make cash payments to the affected employees
“The reductions announced today are another critical step in PAR becoming an efficient and flexible organization in a highly competitive market and in building a solid foundation for the Company’s future growth,” Savneet Singh, CEO and president of PAR, said in the press release. “As a Company we’ve begun to put a deep discipline around capital allocation with a constant focus on return on invested capital.”
PAR is a New Hartford–based provider of point-of-sale software, systems, and services to the restaurant and retail industries. Its systems are deployed in nearly 100,000 restaurants and more than 110 countries. PAR’s Government business unit provides computer-based system design, engineering, and technical services to the Department of Defense and various federal agencies.
“The people who are leaving today have made huge contributions to our company and culture. We’ve been humbled to work with each and everyone one of them and have not lost sight of the impact of our decision; it was difficult, but necessary as we prepare PAR for the future we deeply believe in,” Singh added in the release.
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