SecureWorks is engaging in another round of layoffs, this time laying off 15% of its workforce.

The cybersecurity firm revealed the plans in an SEC filing:

On August 4, 2023, SecureWorks Corp. (the “Company”) committed to, and on August 14, 2023 announced to employees, a plan to reduce the Company’s workforce by approximately 15% and to implement certain real estate‑related cost optimization actions (the “Plan”). Under the Plan, the Company intends to rebalance investments cross-functionally in alignment with the Company’s current strategy and growth opportunities, such as focusing on the higher value, higher margin Taegis solutions, optimizing the Company’s organizational structure to increase its scalability, and other priorities, to better position the Company for continued growth with improving operating margins over time.

In connection with the Plan, the Company currently estimates that it will incur expenses up to approximately $14.2 million, the substantial majority of which are expected to result in future cash expenditures. These expenses are anticipated to consist primarily of severance and other termination benefits, as well as real estate-related expenses. The Company expects to recognize these anticipated expenses during the second quarter of fiscal year 2024 and to substantially complete the Plan during the third quarter of fiscal year 2024, although the timing of workforce reductions may vary by country based on local requirements.