Cambium Networks cut 53.6 percent of its workforce as its UK subsidiary entered administration

Cambium Networks cut 260 jobs, or about 53.6 percent of its global workforce, on Friday as the wireless networking company began a wider restructuring. The cuts were immediate. No severance offers were made.

On Monday, the company's UK subsidiary entered administration in the High Court of Justice of England and Wales, and the appointed administrators from RSM UK Restructuring Advisory began trying to sell assets, including some or all business lines, according to the filing.

Cambium expects the remaining entities in that subsidiary group to be wound up through local processes. The company said it cannot yet reasonably estimate the costs of the workforce reduction.