Troubles continue for the legendary Internet giant Yahoo with the announcement that the company is laying off 15% of its staff. Write-offs on previous investments led to Yahoo posting a $4.4 billion loss in the fourth quarter of 2015, causing the need for decisive action to put the house in order and stave off an investor revolt.

The company will close several offices, including offices in Milan, Madrid, Dubai, and Mexico City. The layoffs are expected to save around $400 million per year in expenses. Yahoo CEO Marissa Mayer has been under fire in recent months from investors who are impatient for the company to recover its footing. In many ways, it is remarkable that Yahoo still exists, considering it has given up much of its original market position in the search business to Google and Microsoft. The company has continued to operate a broad range of services and media while retaining enough stake in the search biz to keep a stream of ad revenue. The Yahoo board of directors is apparently considering all options, including a sale of the company, to maximize shareholder value.