Keyword: layoffs

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  • Malaysia Airlines to Cut 30% of Its Workforce (6,000 layoffs)

    08/29/2014 6:46:40 PM PDT · by 2ndDivisionVet · 18 replies
    KUALA LUMPUR, Malaysia — Malaysia Airlines will cut 6,000 workers as part of a $1.9 billion overhaul announced Friday to revive its damaged brand after being hit by double passenger jet disasters. The staff reduction represents about 30 percent of its current workforce of 20,000. A search for a new CEO is underway, but there is no move to change the airline's name, which some branding experts had said was necessary for a successful makeover....
  • SunTrust to shutter Orlando fraud unit, lay off 105

    08/28/2014 5:49:19 AM PDT · by 2ndDivisionVet · 5 replies
    The Orlando Sentinel ^ | August 27, 2014 | Richard Burnett
    SunTrust Banks Inc. is shuttering its fraud-response call center group in Orlando and shedding more than 100 jobs, the bank confirmed Wednesday. Atlanta-based SunTrust, the largest bank in Central Florida, handed out pink slips to 105 employees on Tuesday. The effective layoff date is Oct. 31, according to documents filed with the Florida Department of Economic Opportunity. "Difficult decisions must be made to increase operational efficiencies and decrease expenses to better position the company for the future," SunTrust told employees in the layoff notice. The bank posted a $400 million profit on revenue of $2.2 billion in the second quarter,...
  • Office Depot to close 165 stores this year; settles lawsuit for $80 million

    08/24/2014 3:45:11 AM PDT · by 2ndDivisionVet · 17 replies
    The Fort Lauderdale Sun-Sentinel ^ | August 5, 2014 | Marcia Heroux Pounds
    Boca Raton-based Office Depot said Tuesday it would close 165 stores during 2014 — up from the 150 estimated earlier this year — but stuck with a total count of 400 store closures through 2016, the company said. The office-supply retailer, which merged with OfficeMax last year in a $1.2 billion transaction, said it has completed its analysis of which stores will be closed across the U.S. and Canada. Locally, the retailer has closed two OfficeMax stores, in Coral Springs and Deerfield Beach. The company also announced on a conference call following its second-quarter earnings announcement that it has settled...
  • Illinois a terrible hostess: Twinkies leave the state

    08/23/2014 11:53:00 AM PDT · by re_tail20 · 68 replies
    Illinois Policy Institute ^ | August 22, 2014 | Austin Berg
    Hostess Brands LLC announced on Aug. 20 that the Illinois bakery where Twinkies were first invented will close this fall. More than 400 workers will be affected by the shuttering of the company’s Schiller Park location in October. Sadly, this isn’t surprising. In 2012, Hostess closed three bakeries nationwide after a massive union strike, high labor costs and increased competition turned up the heat on the baked-goods company. It’s hard to believe that some variation of these factors didn’t cause Hostess to sever its ties with Illinois. About 280 of the company’s workers in Schiller Park voted to unionize in...
  • Casino workers turn to prayer to save their jobs (Atlantic City)

    08/20/2014 5:15:24 PM PDT · by Olog-hai · 15 replies
    Associated Press ^ | Aug 20, 2014 8:03 PM EDT | Wayne Parry
    They’ve turned to politicians, bureaucrats, businessmen and union reps to try to save their jobs at three Atlantic City casinos scheduled to close soon. Now, hundreds of soon-to-be unemployed dealers, cocktail servers and hotel workers are turning to what many say could be their last, best chance. “We’re praying for God to open new doors to them,” said Rev Eric McCoy, president of the Atlantic City Fellowship of Churches. Clergy members and the main casino workers union organized a rally and prayer service Wednesday night for the nearly 8,000 workers who will be jobless when Revel, the Showboat and Trump...
  • With Profits Slipping, Cisco Announces Job Cuts [6,000 on the chopping block, 8% of workforce]

    08/13/2014 3:45:34 PM PDT · by SeekAndFind · 7 replies
    New York Times ^ | 08/13/2014 | By QUENTIN HARDY
    SAN FRANCISCO — Cisco Systems may be doing a little better than Wall Street expects, considering its technology and sales challenges. But that doesn’t mean the company will avoid layoffs in the coming months. On Wednesday, Cisco released fourth-quarter earnings that illustrated its troubles as one of the tech industry’s giants competing in a rapidly changing environment. Fourth-quarter revenues, Cisco said, were $12.36 billion, down from $12.42 billion in the same quarter a year ago. Net income was $2.25 billion, or 43 cents a share, down from $2.27 billion a year ago. Using nonstandard accounting common to many tech companies,...
  • There’s An Unconfirmed Rumor That A Big Layoff May Be Coming At Cisco

    08/08/2014 7:05:57 PM PDT · by markomalley · 17 replies
    Business Insider ^ | 8/8/2014 | JULIE BORT
    Cisco reports its fourth quarter earnings on Wednesday, and rumors have begun circulating that another round of layoffs are coming, maybe announced next week, maybe in October. We can’t confirm those rumors, which stem from an anonymous source who tipped off Cisco blogger Brad Reese. But a source did tell us that Cisco is working on a reorganization of some of its engineering teams. Reese broke the news on last year’s surprise layoffs which also came from an anonymous tip. Last August, Cisco shocked the world by reporting a better-than-expected quarter, and a solid year, and that it was still...
  • Fear factor created by banks’ cost cutting and layoff threats will cause staff exodus

    08/05/2014 2:54:53 PM PDT · by SeekAndFind · 1 replies
    eFinancial Careers ^ | 08/05/2014 | Ed Silverstein
    Employees on Wall Street, and those working at other financial institutions, are concerned about keeping their jobs. But a recent survey showed that financial services companies may underrate the value employees put on job security. This comes as the threat of layoffs is seen at many top banks. For instance, JPMorgan is laying off hundreds of tech-support workers, and the Bank of America is letting staff go, too, as well as Citigroup and Bank of New York Mellon. Laura Sejen, a managing director at Towers Watson, which released the recent survey, told eFinancialCareers, “US employees working in financial services indicate...
  • Tech layoffs could hit highest level since 2009

    07/29/2014 10:31:44 AM PDT · by SeekAndFind · 15 replies
    The Hill ^ | 07/29/2014 | Vicki Needham
    Layoffs in the technology sector could reach their highest level in five years, according to a group that tracks employments trends. So far this year, tech employers have announced plans to cut payrolls by 48,402, a 68 percent increase over the 28,883 layoffs announced during the same period in 2013, according to a special report released Monday by Challenger, Gray & Christmas. At the current rate, the 2014 year-end total could be the highest since 2009, when tech-sector job cuts hit 174,629. The highest total on record was 695,581 job cuts in 2001, when the tech bubble in the stock...
  • Merck Announces Another Round Of Layoffs [Another 600 positions in Montgomery County, PA]

    07/29/2014 10:25:00 AM PDT · by SeekAndFind · 15 replies
    CBS Local ^ | 07/29/2014 | Brad Segall
    NORRISTOWN, Pa. (CBS) — A major pharmaceutical company is planning another round of layoffs that again will hit Montgomery County hard. On the heels of more than 650 job cuts at its West Point manufacturing and research plant in late 2013 and earlier this year, Merck plans to let go another 600 employees by the end of August. The company has already filed notices with the Pennsylvania Department of Labor which says the jobs are being cut in North Wales and Lansdale. County Commissioner Josh Shapiro is disappointed with the news, but says they’re working to help those affected.
  • Do Massive Layoffs Really Benefit Companies?

    07/20/2014 6:10:46 PM PDT · by SeekAndFind · 34 replies
    Motley Fool ^ | 07/19/2014 | By Chris Neiger
    Microsoft's (NASDAQ: MSFT ) recent announcement that it will cut 18,000 jobs was much higher than anyone expected. It's the company's largest layoff by headcount since it laid off 5,800 employees in the midst of America's Great Recession back in 2009. Microsoft isn't the only one to make such striking job cuts. Global pharmaceutical company Merck (NYSE: MRK ) is in the middle of a two-year plan to reduce its workforce by about 20% -- which equates to about 16,000 employees. At the end of it all, the company expects this to contribute substantially to its goal of saving $2.5...
  • Microsoft Memo Buries Layoff News in 11th Paragraph, Greets Readers with Cheery ‘Hello There’

    07/20/2014 2:38:38 PM PDT · by Olog-hai · 9 replies
    Cybercast News Service ^ | July 18, 2014 - 2:59 PM | Kelly Lawyer
    On Thursday, Microsoft announced it would cut 18,000 jobs (14% of the company workforce) in the next year, the largest reduction in company history. Since its acquisition of Nokia, experts predicted there would be some layoffs, but the number is double the amount predicted. Stephen Elop, head of Microsoft’s device unit (the hardest hit by the layoffs) and former CEO of Nokia, proceeded to bury the news about 12,500 layoffs in the eleventh paragraph of a corporate memo. Elop begins the memo with a cheery “Hello there,” stating Microsoft’s strategy is “focused on productivity and our desire to help people...
  • Walgreens to lay off 345 in Flagstaff

    07/19/2014 9:16:57 PM PDT · by george76 · 27 replies
    Arizona Daily Sun ^ | ‎7‎/‎19‎/‎2014‎ ‎ | Suzanne Adams-Ockrassa
    One of the top 10 employers in Flagstaff, Walgreens, announced Friday that it was closing its distribution center by April and laying off all 345 employees. ... Walgreens recently announced it was seeking to relocate its corporate headquarters overseas to lower its income tax bill. One estimate put first-year tax savings for the country’s largest drugstore chain at more than $700 million. The Wall Street Journal reported July 15 that Walgreens is considering buying the rest of Alliance Boots, a drugstore chain that operates in the United Kingdom but is headquartered in Switzerland. If Walgreens does purchase the rest of...
  • Kgb USA eliminating hundreds of jobs in San Antonio (225 jobs)

    07/18/2014 7:44:05 PM PDT · by 2ndDivisionVet · 26 replies
    The San Antonio Business Journal ^ | July 14, 2014 | W. Scott Bailey
    Kgb USA Inc. has informed the Texas Workforce Commission that it plans to carry out a “mass layoff” in San Antonio. The call center company, which does business as Conduit Global, expects to eliminate 225 positions by Aug. 31. Conduit Global officials say the layoffs are a result of an unexpected cancellation of services by one of the company’s clients. Conduit Global notes in a Worker Adjustment and Retraining Notification Act (WARN) letter filed with the Texas Workforce Commission that it is hopeful the layoffs can be minimized by the “potential award of a large customer care contract.” If a...
  • More Than 1,400 Workers In Pike County, Ohio, To Receive Possible Layoff Notices (Fluor B&W)

    07/18/2014 7:25:16 PM PDT · by 2ndDivisionVet · 4 replies
    WCHS-TV ^ | July 18, 2014 | Sean Delancey and Jeff Morris
    Piketon , Ohio - Roughly 1400 people woke up to bad news Thursday morning. It's called a warn notice, and it means their livelihood is on the line. "These are the higher paying jobs in the area," Herman Potter said. But those jobs are now in jeopardy. Herman Potter is president of the Steel Workers Union in Piketon, Ohio. His employer, Fluor B&W issued a warn notice, stating layoffs are possible. Fluor B&W was hired by the Department of Energy to clean the former Portsmouth gaseous diffusion plant and re-industrialize the property three years ago. The way things stand now,...
  • Dell layoffs will hit Plano, Texas office

    07/17/2014 9:06:48 AM PDT · by SeekAndFind · 12 replies
    Dallas Business Journal ^ | 07/17/2014 | Bill Hethcock
    Employees at Dell Services offices in Plano will be affected by global layoffs that parent company Dell Inc. is undergoing, but the number of pink slips the Round Rock-based tech giant will pass out in North Texas is not yet clear. Dell workers were to be notified Wednesday of layoffs across the globe, including at Dell Services offices in Plano. A statement put out by Dell confirmed the layoffs but declined to give the number of workers that the computer firm will cut. Dell has about 2,500 employees in North Texas and about 16,500 statewide.
  • Microsoft to cut 18,000 jobs this year as it chops Nokia

    07/17/2014 8:35:02 AM PDT · by Scutter · 35 replies
    MSN ^ | 7/17/2014 | Bill Rigby
    SEATTLE (Reuters) - Microsoft Corp will slash up to 18,000 jobs, or 14 percent of its workforce, this year as it almost halves the size of its newly acquired Nokia phone business and tries to transform into a cloud-computing and mobile-friendly software company. The larger-than-expected cuts, announced on Thursday, are the deepest in the company's 39-year history and come five months into the tenure of Chief Executive Officer Satya Nadella. He outlined plans for a "leaner" business in a public memo to employees last week.
  • Microsoft Layoffs to Cut Up to 18,000 Jobs

    07/17/2014 7:20:46 AM PDT · by SeekAndFind · 11 replies
    New York Times ^ | 07/17/2014 | By NICK WINGFIELD
    SEATTLE — Microsoft said Thursday that it planned to eliminate up to 18,000 jobs over the next year in a shake-up intended to help the company move more quickly in the market. The cuts are the largest in the company’s 39-year history, representing about 14 percent of its work force. Microsoft will make the deepest cuts from the businesses it acquired from the Finnish phone maker Nokia. About 12,500 of the jobs being eliminated will come from the Nokia groups, resulting from the closing of a factory in Hungary and other changes. That is about half the number of employees...
  • Microsoft may announce its biggest layoffs ever on Thursday

    07/17/2014 3:36:19 AM PDT · by Innovative · 30 replies
    ComputerWorld ^ | July 16, 2014 | Stephen Lawson
    The action will be much bigger than the 5,800 job cuts announced in 2009, The New York Times said. Microsoft reportedly will announce the biggest round of layoffs in its history on Thursday as massive changes wrought by new CEO Satya Nadella start to take hold at the struggling IT giant.
  • Source: After Disastrous Launch Of ‘Hard Choices’ Hillary To Write New Book

    07/15/2014 9:45:01 AM PDT · by jimbo123 · 46 replies
    Daily Caller ^ | 7/14/14 | Edward Klein
    By now, everyone knows that Hillary Clinton’s memoir Hard Choices is a disaster of such enormous political and financial proportions that it should have been titled “Heaven’s Gate” — a reference to the most infamous Hollywood box office bomb of all time. So how are Bill and Hillary taking this depressing news? And what, if anything, are they planning to do about it? For an answer, I spoke to two sources — one in Bill’s inner circle, the other in Hillaryland (as Hillary’s court is called) — and although these two sources do not know each other, they confirmed the...
  • Sales Fall, Earnings Rise at S&S (1st Quarter 2014 Simon and Schuster flashback)

    07/14/2014 10:05:52 AM PDT · by jimbo123 · 6 replies
    Publishers Weekly ^ | 5/18/14 | Publishers Weekly
    First quarter sales in 2014 fell 11% at Simon & Schuster, to $153 million, but operating income rose to $11 million from $10 million in the first quarter of 2013, parent company CBS reported. -snip- And then there is the new Hillary Clinton book due out in the middle of June. "It's a great book," Reidy said, adding that she hopes Hard Choices will drive consumers into stores. Perhaps with the promotion planned for the Clinton book on her mind, Reidy said she is sure marketing costs, and sales, will be higher for the rest of the year than in...
  • Hillary's 'Hard Choices' Plunges Below Amazon Top 100 Less Than Month After Release

    07/10/2014 8:50:37 PM PDT · by jimbo123 · 33 replies
    Newsbusters ^ | 7/9/14 | P.J. Gladnick
    Less than a month after its official release date of June 10, Hillary Clinton's book, "Hard Choices," has today plunged below the Amazon Top 100 list to a humbling #102 as of this writing. Over at Simon & Schuster, the book publisher who paid Hillary a big campaign contribution in the form of a whopping $14 million advance, there is now a lot of angry finger pointing according to the New York Post's Page Six. Just as humbling is the news that Hillary's book has been replaced at the top of the New York Times Best Seller list by Edward...
  • Execs on notice after Hillary’s book sales tank

    07/09/2014 3:04:24 PM PDT · by jimbo123 · 59 replies
    NY Post ^ | 7/8/14 | Emily Smith and Ian Mohr
    There’s hand-wringing and finger-pointing at Simon & Schuster over the soft performance of Hillary Clinton’s “Hard Choices,” for which she got a $14 million advance, sources said — and which was replaced at No. 1 on the best-seller list this week by an “exposé” about Hillary and Bill Clinton. The former secretary of state’s tome sold 161,000 copies in its first three weeks, according to Nielsen BookScan — but 85,000 of those were sold in the first week. That number has dropped sharply to 48,000 and 28,000 in subsequent weeks, with the most recent numbers due out Wednesday.
  • Showboat Atlantic City Hotel and Casino to close, official says (2,100 unemployed)

    07/01/2014 3:30:19 PM PDT · by 2ndDivisionVet · 21 replies
    The Philadelphia Inquirer ^ | June 26, 2014 | Alex Wigglesworth
    The Showboat Atlantic City Hotel and Casino is closing after more than 27 years of operation, according to an official with the city’s largest casino workers union. Unite HERE Local 54 president Bob McDevitt said Showboat’s 2,100 employees will receive WARN Act notices Friday. The federal law requires covered companies to give workers at least 60 days notice if plans are in place to shut down a job site or execute mass layoffs. “We were notified earlier today from Caesars that they’re issuing WARN Act notices to Showboat employees tomorrow and we immediately began notifying our members,” McDevitt said Thursday...
  • Advance Auto closing 100 stores in first round of post-merger consolidation (AA and CarQuest)

    06/30/2014 10:29:11 AM PDT · by 2ndDivisionVet · 18 replies
    The News and Observer ^ | June 27, 2014 | David Bracken
    During a meeting with analysts and investors on Wednesday, Advance Auto Parts executives were asked how many stores they expect to close as a result of the company's acquisition of Raleigh-based General Parts International. George Sherman, Advance Auto's president, said the company is consolidating 100 stores as part of a first round of closings. "There will be more going forward," he said. "We have to assess fully 1,200-plus stores across the country. There will be a large group of consolidations, but there will be a lot of conversations where we flip the banner and there will be some relocations." General...
  • CPS [Chicago] Laying Off 1,150 Teachers And Clerical Staff

    06/26/2014 4:36:46 PM PDT · by Jim Robinson · 12 replies
    Chicago/CBS ^ | June 26, 2014
    CHICAGO (CBS) – Chicago Public Schools officials have sent layoff notices to 550 teachers and 600 clerical support staff, but said the teachers will be able to apply for other open jobs with the district for next school year. The district said the teacher layoffs were the result of enrollment declines at some schools, though CPS has not identified which ones. However, the district said it expects to have approximately 1,780 vacant teaching slots for next school year, and teachers who received layoff notices can apply for those positions. Approximately 1,400 of the open slots are for full-time teaching positions....
  • Hillary Clinton’s Book Is The No. 2 Hardcover In First Week (It's officially a bomb...)

    06/18/2014 2:55:00 PM PDT · by jimbo123 · 47 replies
    Buzzfeed ^ | 6/18/14 | Ruby Cramer
    Hard Choices sells 85,721 hard copies, according to Nielsen figures. Hillary Clinton’s new memoir was the second-most purchased hardcover book in its first week, according to Nielsen Bookscan data that records physical book sales at Amazon, Barnes & Noble, Books-a-Million, Wal-Mart, and other retailers. The BookScan figures, released Wednesday to publishers and obtained by BuzzFeed, account for sales during the week ending on Sunday, June 15 — a period covering the first six days Clinton’s book, Hard Choices, was available for purchase. They reflect strong but not spectacular sales for a book that has dominated the political conversation. The Bookscan...
  • Disappointment for Hillary Clinton as sales for her memoir 'struggle in its first week'

    06/17/2014 9:36:59 AM PDT · by jimbo123 · 54 replies
    Mail Online ^ | 6/17/14 | DAILY MAIL REPORTER
    Hillary Clinton's new book 'Hard Choices' is a 'bomb', according to a publishing source. The former first lady's memoir - detailing her time as secretary of state under Obama - has sold just 60,000 hardcover copies and 24,000 e-books, the source told The Weekly Standard. The results come after publisher Simon & Schuster's 'hoping and praying' that 150,000 print copies would be sold in the first week after the book went on sale on June 10, the source added. 'Between us, they are nervous at S&S,' the source said. 'Sales were well below expectations and the media was a disaster......
  • Questa mine permanently closed, 300 laid off (New Mexico molybdenum site)

    06/02/2014 11:20:43 PM PDT · by 2ndDivisionVet · 8 replies
    The Taos News ^ | June 2, 2014 | J.R. Logan
    Chevron Mining has permanently closed its Questa molybdenum mine, citing low market prices and increasing operational costs. The closure was announced at an employee meeting Monday morning (June 2). Mine officials say the closure included about 300 layoffs. Employees will be paid and receive benefits for 60 days, as required by federal law. "It's really an economic decision," said David Partridge, president and CEO of Chevron Mining, in an interview outside the mine's mill site Monday. Partridge said the Questa mine is nearly 100 year old, meaning the highest quality, easy get to ore was extracted long ago. Recently, the...
  • 'Toledo Blade' Closes Printing Facility, Axes 130 Union Jobs

    05/31/2014 5:46:37 PM PDT · by george76 · 29 replies
    Breitbart ^ | 31 May 2014 | John Nolte
    Starting August 1, the left-wing Ohio newspaper, The Toledo Blade, intends to lay off about 130 of its unionized employees due to a permanent shutdown of its Toledo production center that handles printing and inserting. ... In 2013, The Blade lost $8.5 million and has been losing millions for years. As of now there are no plans that will affect the advertising and news-gathering departments. In 2012, The Toledo Blade urged it readers to re-elect President Obama, arguing in part that "He has dealt effectively with economic recession at home
  • Troubles mounting, Sears will lay off 55 in Fort Worth

    05/30/2014 4:24:52 PM PDT · by 2ndDivisionVet · 2 replies
    The Dallas Business Journal ^ | May 27, 2014 | Korri Kezar
    Sears Holding Corp. will lay off 55 employees at its parts and distribution center in north Fort Worth as troubles keep mounting for Hoffman Estates, Illinois-based retailer. In a letter under the Worker Adjustment Retraining and Notification Act (WARN) to the Texas Workforce Commission, the company said the employees will be laid off from its facility at 5001 N. Beach St., and that the eliminations are expected to be permanent. The terminations are expected to occur on or around June 29, the letter said. Sears said it will keep the Fort Worth facility open while reducing its staff. "These decisions...
  • Fast food CEO: Minimum wage hikes closing locations

    05/30/2014 11:53:50 AM PDT · by NormsRevenge · 101 replies
    Yahoo Finance ^ | 5/30/14 | cnbc
    CKE Restaurants' roots began in California roughly seven decades ago, but you won't see the parent company of Carl's Jr. and Hardee's expanding there much anymore. Related Stories What's causing what company CEO Andy Puzder describes as "very little growth" in the state? In part it's because "the minimum wage is so high so it's harder to come up with profitable business models," Puzder said in an interview. The state's minimum wage is set to rise to $9 in July, making it among the nation's highest, and $10 by January 2016. In cities in other states where the minimum wage...
  • This Is Why Hewlett Packard Just Announced Another 16,000 Job Cuts

    05/22/2014 3:18:39 PM PDT · by blam · 46 replies
    Zero Hedge ^ | 5-22-2014 | Tyler Durden
    Tyler Durden 05/22/2014 16:26 -0400 The biggest scandal in today's release of Hewlett Packard Q2 earnings was not that it hit 30 minutes prematurely, catching algos unaware and unable to BTFD when the stock tumbled on what was a revenue miss and 1% decline from last year, nor that the company guided below estimate, pushing its stock some 3% lower in the last minutes of trading. The biggest scandal was this disclosure in the second quarter results press release: "As HP continues to reengineer the workforce to be more competitive and meet its objectives, the previously estimated number of eliminated...
  • U.S. ECONOMICS: Jobless Claims See 28,000 Bounce, Reverse Early May Drop

    05/22/2014 6:43:55 AM PDT · by SeekAndFind · 15 replies
    NASDAQ ^ | 05/22/2014
    The 28,000 U.S. initial weekly jobless claims bounce to 326,000 reversed the 23,000 drop to a cycle-low 298,000 (was 297,000) from a similar 321,000 in the first week of May and a 345,000 recent-high at the end of April. Claims are averaging a lean 314,000 thus far in May, following recent averages of 322,000 in April, 320,000 in March, and 337,000 in February. Today's 326,000 survey week reading overshot the lean 305,000 April figure, but sits close to the 323,000 March figure and below the 334,000 February figure.
  • Here Comes Congress' Next Big Economic Crisis, And It Could Be Even Worse Than The Fiscal Cliff

    05/18/2014 9:00:08 AM PDT · by blam · 32 replies
    BI ^ | 5-18-2014 | Brett LoGiurato
    Here Comes Congress' Next Big Economic Crisis, And It Could Be Even Worse Than The Fiscal Cliff Brett LoGiuratoMay 15, 2014, 10:51 AM We survived the fiscal cliff and the government shutdown. But there's another big battle brewing this summer between Congress and the Obama administration with dire economic consequences that could cost the country hundreds of thousands of jobs. And even though politicians on both sides of the aisle agree this disaster is "completely avoidable," all signs indicate we're on a collision course with crisis. On Wednesday, President Barack Obama gave his first formal warning about this impending self-inflicted...
  • Fewer college grads will have jobs lined up this year: Still a bleak job market

    05/12/2014 6:32:20 AM PDT · by SeekAndFind · 74 replies
    New York Post ^ | 05/12/2014 | By Jonathon Trugman
    It’s “Pomp and Circumstance” time for 1.6 million US college graduates. While members of the class of 2014 have some cause to celebrate, they also know they are a few short months away from starting to pay down their share of the $1 trillion-plus student-loan debt. The most shocking number of all is that only 17 percent of these soon-to-be grads have a job lined up, according to AfterCollege Inc., which crunches these numbers and also tries to help match employers with recent graduates. Despite our being a year further along on the road to economic recovery, this year’s 17...
  • Report: One Obamacare Tax Could Cost Up To 286,000 Jobs

    05/06/2014 7:40:22 PM PDT · by 2ndDivisionVet · 4 replies
    The Daily Caller ^ | May 6, 2014 | Sarah Hurtubise
    Just one of Obamacare’s many taxes could cost the U.S. hundreds of thousands of jobs over the next decade, according to an industry report published Tuesday. The National Federation of Independent Business projects that between 152,000 and 286,000 jobs will be lost by 2023 due to Obamacare’s health insurance tax. NFIB, a nonprofit association of business owners, actively supports the repeal of the tax. The health insurance tax has proved to be one of Obamacare’s more controversial fundraising measures. The tax targets insurance companies, charging each one proportional to their market share — the more health plans sold (Obamacare’s goal,...
  • CNN Cuts, Reassigns 50 Employees Across News, Digital Divisions

    05/05/2014 6:32:51 PM PDT · by FreeAtlanta · 41 replies
    THEWRAP.COM ^ | May 1, 2014 @ 4:04 pm | L.A. Ross and Sharon Waxman
    Producers have the chance to be rehired – at lower salaries CNN cut or reduced 50 positions across multiple divisions on Thursday, changing roles and reducing positions and salaries across the board, a CNN executive told TheWrap. “There is essentially no head count change,” a network executive wrote in an email. “Fifty positions have been impacted. Roles will [be] changed.” CNN President Jeff Zucker met with newsroom reporters on Thursday to tell them the bad news, an insider told TheWrap. The cuts mainly affect news producers and managers, some of whom will be invited to reapply for new or “updated”...
  • Barclays Latest To Exit Commodity Trading, Layoff Several Thousand Staff

    04/20/2014 4:28:28 PM PDT · by SeekAndFind · 6 replies
    Zero Hedge ^ | 04/20/2014 | Tyler Durden
    With JPMorgan and Deutsche Bank having exited the commodities business (and numerous other banks discussing it ahead of the Fed and regulators' decisions over banking rules of ownership), it appears a few short months of regulatory scrutiny is enough to warrant more broad-based cuts across bulge-bracket banks historically most manipulated and profitable business units. As The FT reports, Barclays, one of the world’s biggest commodities traders, is planning to exit large parts of its metals, agricultural and energy business in a move expected to be announced this week. This comes on the heels of Barclays shuttering its power-trading operations...
  • Unemployment rates fall in 21 US states last month

    04/18/2014 9:21:59 AM PDT · by SeekAndFind · 11 replies
    Washington Post ^ | 04/18/2014
    More than two-thirds of the states reported job gains in March, as hiring has improved for much of the country during what has been a sluggish but sustained 4 1/2-year recovery. The Labor Department said Friday that unemployment rates dropped in 21 states, rose in 17 and were unchanged in the remaining 12. Meanwhile, hiring increased in 34 states and fell in 16. The unemployment rate varies from as low as 2.6 percent in North Dakota to as much as 8.7 percent in Rhode Island. South Carolina has experienced the sharpest rate decline over 12 months to 5.5 percent from...
  • Dozens Laid Off at Al Jazeera America

    04/13/2014 7:05:23 PM PDT · by dontreadthis · 38 replies
    The Hollywood Reporter ^ | 4/11/2014 | Erik Hayden
    Al Jazeera America, which launched last August with nearly 850 employees and 12 news bureaus in the United States, has laid off dozens of employees as part of restructuring. The channel is disbanding its sports unit and scaling back its social-media-driven show The Stream from a daily show to a once-a-week program.
  • Stanley Furniture Closing Robbinsville Plant (North Carolina)

    04/02/2014 10:17:02 PM PDT · by 2ndDivisionVet · 65 replies
    Woodworking Network ^ | April 1, 2014
    HIGH POINT, NC - Stanley Furniture Company, Inc. today reported it will cease domestic furniture production in the factory that supports its Young America brand. “We have a healthy Stanley business that is making money. It is supported by a wonderful heritage, strong product in the field and future pipeline, and we are looking forward to the prospects of focusing our team solely on the growth and profitability of this brand in the short-term” “We have decided to cease manufacturing operations in Robbinsville,” said Glenn Prillaman, President and Chief Executive Officer. “After a thorough review of both our own operations...
  • Hundreds of Jobs Lost as Store Chain Closes Due to ObamaCare and Minimum Wage Hike

    03/30/2014 12:13:09 PM PDT · by SeekAndFind · 23 replies
    Frontpage Mag ^ | 03/30/2014 | Daniel Greenfield
    By the time ObamaCare and the minimum wage get done wiping out jobs, everyone will need that basic guaranteed income that libs love talking about. Citing Obamacare and an increase in the stateÂ’s minimum wage, the owner of Waterford-based Yankee One Dollar is closing down shop on all 23 remaining locations.Its owner Keith Flike blamed the Affordable Care Act and the increase in the stateÂ’s minimum wage for the decision to shut down. Each store has six to 10 employees, he told the Post Star. Those are just more employees who have been liberated from job lock to explore their...
  • Yankee One Dollar Closing Remaining Stores Due to Obamacare

    03/30/2014 9:16:20 AM PDT · by lowbridge · 36 replies
    http://legalinsurrection.com ^ | march 28, 2014 | rusty weiss
    Citing Obamacare and an increase in the state’s minimum wage, the owner of Waterford-based Yankee One Dollar is closing down shop on all 23 remaining locations. Via the Times Union: Waterford-based Yankee One Dollar stores will be gone within the next five months, its owner told the Post Star of Glens Falls. Keith Flike blamed the Affordable Care Act and the increase in the state’s minimum wage for the decision to shut down. Each store has six to 10 employees, he told the Post Star. Yankee One Dollar has 23 stores, down from a peak of 39. The Daily Gazette reported...
  • North Adams hospital shutting down, 530 to lose jobs (Massachusetts)

    03/28/2014 5:56:45 PM PDT · by 2ndDivisionVet · 46 replies
    WNYT-TV ^ | March 27, 2014 | Staff
    (VIDEO-AT-LINK)NORTH ADAMS, Mass. – After 129 years, North Adams Regional Hospital is shutting down. Hospital workers were informed of the decision on Tuesday. Around 530 people will lose their jobs. The decision to shut down comes as the hospital files for Chapter 7 bankruptcy. It also affects the VNA & Hospice, along with the Northern Berkshire Healthcare Physicians Group. Current patients will be transferred to other facilities through April 4. The emergency room will close on Friday. “In the six years that I have been on the board we have investigated every possible avenue and exhausted all options as we...
  • Harrah's Casino in Tunica closing costs 1,300 jobs (Mississippi)

    03/28/2014 5:41:22 PM PDT · by 2ndDivisionVet · 57 replies
    The Sun-Herald ^ | March 26, 2014 | Mary Perez
    Caesars Entertainment announced in a press release Wednesday that it will close Harrah's Tunica on June 2. This is one of three casinos Harrah's operates in Tunica in northern Mississippi. The 1,300 jobs that will be lost makes this one of the biggest layoffs ever in Mississippi, said Richard Bennett, chairman of the House Gaming Committee. The layoffs come at a time when Tunica County had the highest unemployment in state in February at 17.3 percent. Bennett said 75 percent of the jobs are held by Mississippi residents, with the remaining 25 percent of the employees from Tennessee and Arkansas....
  • Walgreen To Close 76 Unprofitable Stores

    03/25/2014 4:56:04 PM PDT · by John W · 40 replies
    ctnow.com ^ | March 25, 2014 | Peter Frost
    Walgreen Co. on Tuesday said it plans to shutter 76 unprofitable drugstores by August as part of a plan to save $40 million to $50 million per year beginning in fiscal 2015. The drugstore chain, the nation's largest, declined to specify the locations of the stores slated to close aside from saying they're "spread across the country." Walgreen, based in Deerfield, IL, said it will confirm the closures in the coming months after it notifies employees. Most stores that will close either have had other Walgreen locations open in the same area or have seen real estate values decline since...
  • Toasty Or Toasted? Quiznos Follows Sbarro Into Bankruptcy [Obamanomics Fail]

    03/15/2014 3:53:14 AM PDT · by SoFloFreeper · 71 replies
    Forbes ^ | 3/16/14 | Brian Solomon
    Restaurant chains are dropping like flies this week. On Monday pizza franchise Sbarro dipped into Chapter 11 bankruptcy. Following in its footsteps on Friday, sub shop Quiznos announced that it too would sink into bankruptcy as part of a “pre-packaged” deal to cut its debt by more than $400 million, or two-thirds.
  • Nine Retailers Closing the Most Stores

    03/13/2014 7:02:11 PM PDT · by SeekAndFind · 28 replies
    Wall Street 24X7 ^ | 03/13/2014 | By Douglas A. McIntyre and Alexander E.M. Hess
    Brick-and-mortar retailers have been suffering from slow economic activity for years, as well as from increased competition from online retailers. The rise in store closings is a prominent sign of their struggles. Weakened companies cannot afford the real estate and personnel costs that go along with supporting hundreds of unprofitable locations. The clearest proof of the problem was Radio ShackÂ’s recent decision to close more than 1,000 stores. Radio Shack is hardly alone. During that last several years Gap has closed 20% of its locations. Even MacyÂ’s, which has forecast strong earnings and is considered the most successful of the...
  • The End of an Era: Fashion Discount Retailer Dots Files Chapter 11 Bankruptcy and Closes Its Doors

    03/11/2014 5:02:19 PM PDT · by 2ndDivisionVet · 9 replies
    FashInvest ^ | March 3, 2014 | Lolita A. Alford
    On February 27th, Gordon Brothers Group, a global advisory, restructuring and investment firm was awarded the store closing process for all locations by the bankruptcy court. Store closing sales will begin on March 1st and will involve significant discounts on all merchandise, as well as store furniture, fixtures and equipment in order to wind down company operations. “Our employees continue to do a tremendous job maintaining high quality standards and they are dedicated to fully serving our customers during this transition,” David Minnix, president of Dots, said. “We appreciate the continued support of our valued customers over the years and...