It’s one of the biggest tech companies in the Internet age, but Intel is in such a bad position now that it’s being forced to lay off 12,000 employees by 2017.

That’s a whopping 11 percent of its entire workforce as the company restructures in the wake of declining PC sales and as the company tries to rebrand itself as a firm focused more on cloud computing and smart devices, according to a company statement.

Intel will make the cuts through 2017, which will involve consolidating offices across the globe. The cuts will save the company $750 million this year and $1.4 billion by mid-2017, the company says.

Intel didn’t reveal exactly where those cuts would be taking place, however.

In the first quarter, Intel pulled in $13.7 billion in revenue. That came in below Wall Street estimates.

Intel has been criticized for being too reliant on PCs, which makes up two-thirds of its revenues, meaning that a decline in demand for PCs cuts deeply in to their profits. PC sales have indeed been steadily declining.

“While making the company more efficient, Intel plans to increase investments in the products and technologies that that will fuel revenue growth, and drive more profitable mobile and PC businesses,” Intel said in the statement. “Through this comprehensive initiative, the company plans to increase investments in its data center, IoT, memory and connectivity businesses, as well as growing client segments such as 2-in-1s, gaming and home gateways.

“These changes will result in the reduction of up to 12,000 positions globally — approximately 11 percent of employees — by mid-2017 through site consolidations worldwide, a combination of voluntary and involuntary departures, and a re-evaluation of programs,” the statement continues. “The majority of these actions will be communicated to affected employees over the next 60 days with some actions spanning in to 2017.”