Laid Off Nation » News

BAE Systems Layoffs

Jacob — Mon, 03 Aug 2009 23:46:51 +0000

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 Reverse Stock Split

Jacob — Wed, 01 Jul 2009 18:48:12 +0000

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 exactly so I’m just pontificating. My guess is that they believe they can easily pump up the share price from $1 to nearly $20. That will give the stock some breathing room for the deadly $0 share price. Currently the new valuation has dropped 21% to settle near $18.30. Perhaps this will give AIG some breathing room which maybe a key to getting us out of this recession. The financial industry lead us here but hopefully they can help get us out of this hole as well.

This article caught my attention as I scanned through business news looking for new layoffs and economic data. New posts coming shortly, I promise.

Michigan State Police Layoffs

Jacob — Mon, 11 May 2009 20:15:22 +0000

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 budget. To reach this goal, it will have to layoff 100 state troopers.

For more information, visit the Detroit Free Press article.

King Magazine Closed

Jacob — Thu, 02 Apr 2009 02:42:33 +0000

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).

Conde Nast Layoffs

Jacob — Wed, 01 Apr 2009 23:42:09 +0000

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 Layoffs

Jacob — Wed, 18 Feb 2009 15:48:56 +0000

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 culprit here.

New Jobless Claims

Jacob — Thu, 05 Feb 2009 23:17:10 +0000

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 economy back then was about 35% small in 1982 so the numbers are not as bad as in 1982 in relative terms.

Winthrop, Massachusetts Layoff

Jacob — Thu, 05 Feb 2009 19:09:27 +0000

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 economy sucks.

Time Warner Cable Layoffs

Jacob — Thu, 05 Feb 2009 18:30:33 +0000

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.

Newspaper Layoffs in 2009

Jacob — Thu, 05 Feb 2009 17:33:34 +0000

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.