Milpitas, Calif. - SanDisk (NASD: SNDK), the maker of Flash memory cards and MP3 players, is cutting 15% of its staff, or about 450 employees, as part of a cost-saving initiative, according to reports.

The Inquirer reported that Israeli SanDisk employees were told to prepare for a large round of layoffs; the company employs over 650 people in that country.

Earlier this week, the company reported a loss of $155 million, while sales were down 21% to $821 million compared to the same period a year ago.

SanDisk is also reeling from the collapse of a $6 billion takeover bid by Korean electronics giant Samsung.

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