According to the Anniston Star, BAE Systems will layoff up to 259 workers in September. BAE Systems is one of the largest defense contractors both in the United States and globally. A spokeswoman for the company stated that even with the layoffs, there will still be 200 more workers at the plant than in 2003.
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 [...]
The state of Michigan is having budget problems as everyone knows. The recent downturn in the economy has put pressure on the auto industry upon which Michigan derives a large percentage of its tax base. Problems for the state have gotten to the point that it needs to cut over $300 million from the state [...]
According to RapRadar, KING magazine is now closed and won’t produce anymore issues. The final issue features the wife of Joe Budden (not Bidden).
According to Gawker, 20 or more employees have been laid off at Conde Nast. I imagine the magazine industry is having a contraction on par with the newspaper industry. Apparently product managers have been laid off as the capital to finance expansion/new projects has disappeared across the industry.
Goodyear, a large tire manufacturer, has announced 5000 layoffs for the 2009 year. Last year, Goodyear announced 4000 layoffs which will mean an overall 9,000 employees will lose their jobs. In addition to the layoffs, Goodyear will be insituting salary freezes and a reduced work week for some employees.
The struggling automobile industry is clearly the [...]
The Labor Department reported that the number of laid-off workers seeking jobless benefits rose last week to a seasonally adjusted 626,000 (43,000 more claims than expected by the analysts). That puts the number of jobless claims in an elite list: the highest since October 1982, the last recession that has been this dreary.
Positive note: the [...]
The City of Winthrop in Massachusetts has announced it will be laying off its Chief of Police. Apparently the Police Chief’s salary was the main point of concern ($110,000+) and a lower-paid lieutant will serve as Acting Chief of Police.
The City of Winthrop will also be closing its public library because of the tough economy.
This [...]
Time Warner Cable Inc. announced that it will be laying off 1,250 people over the next couple of months. Time Warner is facing an $8 billion loss in the fourth quarter of 2008 along with stagnant growth in demand.
Last year, Time Warner cut 500 jobs to reduce costs and “redundancy” as well.
United States Newspaper layoffs: 2,000+ (since Jan 1)
Major states affected include California which has over 414 cumulative layoffs in newspapers. Georgian newspapers will lay off 180 employees and newspapers in Maryland have announced 119 layoffs.
In 2008, American newspapers laid off 15,500+ employees.
Source: Paper Cuts.
PNC Financial Services Group (PNC Bank) will cut 5800 jobs in reaction to a poor fourth quarter performance. Some of these layoffs could be expected as PNC acquired National City banks last year. As with all mergers and acquisitions, there are many centers of redundency in the newly merged businesses.
Liz Claiborne, a cosmetics retailer, has announced that it will lay off up to 725 jobs in the United States. The company will also suspend raises for most employees and shutdown a distribution center to cut costs.
University of Arizona has announced it will need to layoff up to 200 personnel. President Robert N. Shelton made the announcement after determining that the University of Arizona would lose $150 million in funding from the State of Arizona.
A total of 600 positions will need to be eliminated but almost 400 of these eliminated positions [...]
Haha, this is so good I had to post it. With the economy in a recession and a lot of people being laid off, it is good to know those at the top (see: Congress) are intimately aware of the statistics.
Just kidding, I’m sure it was just a slipup when writing the speech and she [...]
The State of Maryland has announced its budget for the fiscal year 2010. In additional to the 1000 currently vacant positions that have been eliminated (layoffs without any pain other than for jobseekers), Maryland will reduce its overall workforce by 700 employees. This is a small figure but especially hard for the government employees who [...]