UPFRONT

Cenveo Plans Cost Savings

ENGLEWOOD, CO—Cenveo announced a comprehensive plan to reduce operating expenses and streamline management functions, a plan that includes the elimination of about 125 jobs—mostly managerial positions. Through these moves, the company expects to save $9 million in 2005 and generate annual savings of $20 million. After having his May 6 formal proposal to take over Cenveo rejected, veteran print executive Robert Burton of Burton Capital Management informed the troubled printer that he will seek a special meeting of shareholders with the intention of removing the existing board members and replacing them with a slate that will "affirmatively act in the best interests of Cenveo's shareholders."