Image Entertainment Inc. late Wednesday said that it was laying off roughly a third of its workforce and making other cost cuts as the company reorganizes under new management and investors.

The Chatworth distributor of DVD, CD and digital download home entertainment had roughly 110 employees before the cuts, according to a spokeswoman. The company also is reducing the cost of its headquarters’ lease and renegotiating vendor contracts.

“When we took over the management responsibility for the company, we knew we needed to restructure the company’s overhead,” said Chief Executive Ted Green, who came on board in January after JH Partners became company’s majority stockholder. “While these changes are difficult overall, they are needed for the long-term viability of the company.”

Chief Operating Officer John Avagliano said the staff cuts alone should save the company more than $4 million.

The company lost $1.8 million in its last fiscal year, but still managed to gross $131 million distributing content ranging from feature films, to documentaries to television shows.

Shares earlier closed down 1 cent, or 4 percent, to $24 cents on the Pink Sheets.