According to the Globes, Cisco has announced it will layoff 2000 employees worldwide. Out of those 2,000 position reductions, 35% or 700 layoffs will be in California. The company is clearly trying to cut costs as revenue fell drastically in the first quarter of this year along with many technology companies.
I know them, you know them. Everyone knows them! Crocs haven’t been around that long but they’ve sold millions and millions of pairs. Yet, the economy has hit the unique shoe manufacturer very hard. According to CBS News, losses from last year ($185 million) exceeded the profits of 2007.
How do you lose $185 million making [...]
Recently, there has been a lot of rumors about McGraw-Hill trying to sell BusinessWeek magazine. Right now the weekly business magazine is losing money so the deal could be for only $1. McGraw-Hill would get $1 and the purchaser would pay the magazine’s millions of dollars in debt.
The book publishing company just released a press [...]
Sometimes layoffs hit more than 10% of the company. Smith & Hawken, an upscale gardening store, will close after being in business for 30 years. There are over 50 Smith & Hawken stores across the United States in over 20 different states. According to the Seattle Times, the “Going-out-of business sales began [last Wednesday].”
There are [...]
Good news for our Texas visitors.
The battle against unemployment will be fought primarily through our state governments. The federal government helps fund programs such as unemployment insurance and the federal government is the largest employer but those are its two main contributions. Many of our programs and daily activities are influenced by city, state, and [...]
AIG is planning to pay over $2 million to executives next week. There was some public backlash but I imagine there will be a lot more on the way. AIG is stuck between a rock and a hard place with bonuses it has previously promised.
According to CNN, AIG owes approximately $235 million in bonuses to [...]
What are the requirements to file for unemployment benefits? Well, as far as I know, these requirements can vary depending upon the state. In general, you must have worked for one year in duration. This work would have been a full-time position and not a contractual or freelance position. You must have been fired or [...]
After reading a poignant op-ed in the New York Times, I thought I would share some advice from none-other than George Washington. One of my favorite presidents, George Washington was a great, respected leader. We could use more of those in this day and age.
The Rules of Civility and Decent Behavior in Company and Conversation [...]
Alaska State Unemployment
In post number 2 out of this state unemployment series, I have combined some data on unemployment in the state of Alaska. Alaska currently has an unemployment rate of 8.4%. Compare this to the highest Alaska unemployment rate of 11.5% in Jul. 1986 and the lowest rate of unemployment (5.9% in Sept. 1999).
Alaska [...]
What is the value of a college education? Overall, the more education you have, the less likely you are to be laid off or find yourself unemployed. Now may be the best time to get a new education or jump into a new career.
According to the Labor Department, the economy lost 467,000 jobs last month, raising the unemployment rate to 9.5 percent. But that is if you just include the traditional unemployed workers and not broader measures of unemployment and underemployment.
The Bureau of Labor Statistics releases a measurement called U6 which is alternatively called the effective unemployment rate. [...]
Alabama State Unemployment
In post number 1 out of this state unemployment series, I have combined some data on unemployment in the state of Alabama. Alabama currently has an unemployment rate of 9.8%. Compare this to the highest Alabama unemployment rate of 14.4% in Dec. 1982 and the lowest rate of unemployment (3.3% in Feb. [...]
The Gannett Company owns the largest newspaper chain in the United States (USA Today). As previously reported, the newspaper industry has been facing steep declines in revenues and has laid off many reporters and staffs. Gannett Company has seen advertising revenue fall more than 30% in the first year from the first quarter of 2008.
The [...]
AIG, a company infamous in this recession, has announced a 20-for-1 reverse stock split. This means investors who had 20 shares will now own 1 share. I am not sure what happens if you owned less than 20 shares but perhaps you receive a cash payment and are forced out?
Not sure what the logic is [...]