Radnor’s Safeguard Scientifics has laid off half of its staff as part of cost-cutting measures and a change in business strategy, writes Michelle Caffrey for the Philadelphia Business Journal.

The decision comes after the investment firm conducted an extensive review and assessment of its available options to increase shareholder value.

“As we evaluated the best path forward for Safeguard, we concluded that a focused set of actions to maximize the realization of value from our assets is in the best interest of our shareholders,” said Stephen Zarrilli, Safeguard’s CEO.

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In addition to laying off 15 employees, the company has also said it will not invest capital into new partners. The firm is shifting all of its focus to current partner companies, such as CloudMine and WebLinc, to maximize its opportunities with them.

Among Safeguard’s options are selling its interest in some partner companies or selling them entirely to address the firm’s debt obligations and working capital needs.

“With this new strategy in place, we will immediately create a more streamlined organizational structure” said Zarrilli.

Read more about Safeguard Scientifics in the Philadelphia Business Journal by clicking here.

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