Nasdaq-listed Logitech International has decided to withdraw its fiscal 2009 sales targets and the company has plans of restructuring that includes cutting about 15 percent of its workers.

The latest move has been prompted by the company on poor sales, which dropped dramatically in last few weeks due to economic decline.

Sources revealed that, the company has 3,500 salaried employees, of which approximately 500 will be laid off.

However, Swiss peripherals manufacturer Logitech, did not give new guidance till now, but it is expected that the company will give details of the job cuts and restructuring with its Q3 fiscal year 2009 results, due on 20 January.

Logitech International S. A. engages in the design, development, manufacture, marketing, and support of personal peripheral products for personal computers (PC) and other digital platforms worldwide.