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Keyword: layoffs

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  • Advertising newsletter PennySaver shuts down; hundreds lose their jobs

    05/24/2015 8:19:05 PM PDT · by Zakeet · 81 replies
    LA Times ^ | Stuart Pfeifer
    The PennySaver, an advertising newsletter that was a fixture in Southern California mailboxes for decades, is going out of business. Employees said they were told late Friday that the company was ceasing operations immediately, without warning or further explanation. “They said, ‘That’s it. We’re done. We’re closing. Everybody pack up your things and leave,'” said one employee, who asked that her name not be published because she was unauthorized by the company to talk to the news media. [Snip] On its website, OpenGate said the PennySaver is the largest direct mail shopping publication in the United States, reaching 11 million...
  • Unilever to close last Md. factory (Baltimore, 137 layoffs)

    05/23/2015 8:53:39 PM PDT · by 2ndDivisionVet · 15 replies
    The Baltimore Sun ^ | May 12, 2015 | Natalie Sherman
    Unilever plans to move production of vegetable oil and margarine spreads from Baltimore to Kansas beginning at the end of the month, shutting its Baltimore plant and laying off 137 workers. The consumer goods giant plans to shift operations from its Southwest Avenue factory to Olathe, Kansas, where it performs similar work and embarked on a $152.5 million expansion in 2013. Unilever informed Maryland regulators of the layoffs, which begin this month, in a notice last month, as required by the Worker Adjustment and Retraining Notification Act. The plant is slated to close by the end of September. The Southwest...
  • Coal-mine companies expect 2,267 layoffs

    05/23/2015 8:35:49 PM PDT · by 2ndDivisionVet · 25 replies
    The Columbus Dispatch / The Associated Press ^ | May 23, 2015 | Jonathan Mattise
    CHARLESTON, W.Va. — Appalachian coal mining suffered a double blow on Friday, as Murray Energy announced plans to lay off more than 1,800 miners, most from West Virginia, and Alpha Natural Resources told 439 more Mountain State miners they could be out of work. The announcements continue a grim employment trend for the Appalachian coalfields. On Friday, St. Clairsville, Ohio-based Murray Energy said it told 1,417 workers at five West Virginia mines that their jobs must be eliminated....
  • Alpha Natural Resources scaling back central Appalachian mining operations; 439 jobs will be lost

    05/22/2015 2:01:26 PM PDT · by don-o · 14 replies
    Bristol Herald Courier ^ | May 22, 2015 | SUSAN CAMERON
    BRISTOL, Va. -- Alpha Natural Resources announced this afternoon that it's idling the mining and processing operations at Rockspring Development Camp Creek underground mine in Wayne County, West Virginia, which will mean the loss of 439 jobs. Employees were notified today about the idling "based on the mine operator's current assessment of market conditions,"according to a news release issued by Alpha Natural Resources. Last week, three other Alpha-affiliated mine operators announced reductions in work force "due to sustained weak market conditions and government regulations that have challenged the entire central Appalachian coal industry. A total of 71 employees were affected...
  • Blue Bell to Cut 1,400, or 37 Percent, of Workforce

    05/15/2015 2:58:49 PM PDT · by nickcarraway · 33 replies
    NBC DFW ^ | 5/15
    Approximately 1,400 employees to be furloughed -- 37 percent of Blue Bell workforceBlue Bell Creameries says they'll be laying off a third of their workforce due to the extended timeline to return to production after a listeria outbreak forced the company to recall all products and close its plants. "Due to the extended timeline required to ensure the highest quality and safety of Blue Bell’s products when the company resumes production, and because supply and distribution will be limited for some time to come," Blue Bell Creameries CEO and President Paul Kruse said in a news release Friday. Kruse announced,...
  • Zenith Education Group lays off 131 people at Thornton call center (Colorado)

    05/13/2015 12:02:07 PM PDT · by 2ndDivisionVet · 3 replies
    The Denver Business Journal ^ | May 11, 2015 | Caitlin Hendee, digital producer & social engagement manager
    Zenith Education Group, a Minnesota-based provider of career-school training and operator of Everest College campuses in metro Denver, is laying off 131 people at its Thornton call center. "We had a reduction in the student population and we are merging some call centers to the one located in Tampa," said Zenith spokesperson Krissy Humenesky, referring to a call center at an Everest college in Florida. Zenith, an affiliate of ECMC Group Inc., last December entered into a deal with Corinthian Colleges to take over 56 Everest and WyoTech campuses in 17 states across the country, including Colorado. Earlier this month,...
  • Wow. 47 Major Retailers Announce Closing of 6,000 Stores Across the Country

    05/07/2015 6:16:59 PM PDT · by Beave Meister · 39 replies
    You’ll never hear the Obama administration pass on an opportunity to gloat about the miracles they think they’ve managed to pull off over the past seven years to get America’s economy back on track. The only problem with that is, it’s not remotely true. Somehow, the spin doctors at the White House always manage to cherry pick rare instances of economic improvement and turn them into something much bigger. If you want a real indication of how President Barack Obama’s economy is fairing, just look to a recent report that shows a coming “retail apocalypse,” with major retailers across the...
  • The Texas Job Recession Is Now Literally "Off The Chart": Now Leads the Nation in Layoffs

    05/07/2015 9:10:25 AM PDT · by SeekAndFind · 23 replies
    Zero Hedge ^ | 05/07/2015 | Tyler Durden
    The paradoxical, utterly nonsensical "data" releases continue. On one hand, the government's Department of Labor reported earlier today that in the past week just 265K people were laid off: the lowest number since early 2000. On the other, private data aggregator Challenger reported that in April, there were a whopping 61,582 job cuts, a 68% surge from March, and up 53% from a year ago. This was the highest monthly total since May 2012 and the highest April total since 2009!Smoothing out the noise reveals that in the first 4 months of 2015, employers announced 201,796 planned job cuts,...
  • Jobless claims remain low, but planned layoffs jump to three-year high

    05/07/2015 7:30:50 AM PDT · by SeekAndFind · 4 replies
    Los Angeles Times ^ | 05/07/2015 | Jim Puzzanghera
    Initial jobless claims rose slightly last week from a 15-year low while planned layoffs surged in April to a three-year high, providing mixed signals about the health of the labor market ahead of Friday's jobs report. About 265,000 people applied for first time unemployment benefits in the week ended Saturday, up from the previous week's 262,000, the Labor Department said Thursday. Economists had expected claims to rise to 280,000 after hitting the lowest level since 2000 the previous week. The four-week average, which smooths out some volatility, fell to 279,500 last week. That was the lowest level since May 2000....
  • Ouch! CarlyFiorina.org shows her layoffs at HP

    05/04/2015 10:48:43 AM PDT · by SeekAndFind · 63 replies
    CNN Money ^ | 05/04/2015
    If you're going to run for president, buy every website domain with your name. On Monday morning, former Hewlett-Packard CEO Carly Fiorina announced she's running for U.S. president. But if you head to CarlyFiorina.org, you'll find a message that criticizes her for firing tens of thousands of workers at HP (HPCQ). It shows 30,000 sad faces -- one for every employee that was laid off while Fiorina was chief executive from 1999 to 2005. The accusation that she outsourced so many American jobs is a major thorn in Fiorina's side -- and one reason she lost her bid for U.S....
  • Major U.S. Retailers Are Closing More Than 6,000 Stores

    05/03/2015 4:02:11 PM PDT · by dennisw · 142 replies
    zerohedge ^ | 05/02/2015 | Michael Snyder
    Submitted by Michael Snyder via The Economic Collapse blog, If the U.S. economy really is improving, then why are big U.S. retailers permanently shutting down thousands of stores? The “retail apocalypse” that I have written about so frequently appears to be accelerating. As you will see below, major U.S. retailers have announced that they are closing more than 6,000 locations, but economic conditions in this country are still fairly stable. So if this is happening already, what are things going to look like once the next recession strikes? For a long time, I have been pointing to 2015 as a...
  • New York Times Co. Reports Loss as Print Ads Decline

    04/30/2015 5:45:48 AM PDT · by Drango · 34 replies
    NYTimes ^ | April 30, 2015 | RAVI SOMAIYA
    GRIN clink on link http://www.nytimes.com/2015/05/01/business/media/new-york-times-company-q1-earnings.html?hp&action=click&pgtype=Homepage&module=second-column-region&region=top-news&WT.nav=top-news&_r=0
  • Toledo Free Press closing immediately (Dinosaur Media DeathWatch™)

    04/29/2015 4:46:24 PM PDT · by 2ndDivisionVet · 18 replies
    Toledo News Now ^ | April 27, 2015 | Holly Tuey and Nick Bade
    TOLEDO, OH (Toledo News Now) - Toledo Free Press Publisher Tom Pounds says the paper will be shutting down operations. Pounds says financial troubles are the reason he's closing the paper. “When you can't pay your bills, you don't keep going,” Pounds said Monday. Pounds says about 50 families in total will be impacted by the decision to cease publication. That includes 10 full-time employees, as well as writers, paper carriers, artists and others who worked on the Free Press's weekly issues. Even as he announced the decision to shut down, Pounds said he's proud of what the Free Press...
  • Bell Helicopter announces 1,100 layoffs

    04/29/2015 2:36:35 PM PDT · by 2ndDivisionVet · 11 replies
    KATC-TV ^ | April 28, 2015
    Bell Helicopter announced today that it will lay off 1,100 employees. The Fort Worth-based helicopter company has a location on Pont Des Mouton Road in Lafayette, according to the company's website. The company did not release specifics on which locations will see layoffs, but the communications director did say in a news release that the reduction in workforce will apply to all areas of the business, both management and non-management, and covered and non-covered workers. In addition to its Pont Des Mouton location, Bell Helicopter broke ground in August last year on an 82,300-square-foot aircraft assembly center near the Lafayette...
  • Supercenter mystery: Conspiracy theories fly around the suddenly shuttered Wal-Mart

    04/24/2015 6:52:30 AM PDT · by Star Traveler · 60 replies
    Tulsa World ^ | Friday, April 24, 2016 | Robert Evatt
    From crime to labor issues to an intricate military coup of the entire United States, conspiracy theories are flying around the closed Wal-Mart supercenters in Tulsa and elsewhere. The official reason for the sudden closure of the store at Admiral Place and Memorial Drive last week was two years of plumbing issues that would take six months to fix. That was the same reason given for each of the four other Wal-Mart locations, which all closed at the same time with just a few hours’ notice. The other stores are in Brandon, Florida; Pico Rivera, California; Midland, Texas; and Livingston,...
  • The big banks on Wall Street have fired 80,000 people in the past 5 years

    04/21/2015 9:53:42 AM PDT · by SeekAndFind · 8 replies
    Business Insider ^ | 04/21/2015 | Portia Crowe
    Wall Street's six biggest banks have cut nearly 80,000 jobs over the past 5 years, according to Bloomberg. The majority of the cuts have come from Bank of America. That's over both the past 5 years and the past 12 months, as well as in the first quarter of 2015. Wells Fargo, Goldman Sachs, and Morgan Stanley added jobs in the first quarter of 2015, but 4,000 jobs were still cut across Wall Street last quarter. Bloomberg looked at data from JPMorgan, Goldman Sachs, Morgan Stanley, Wells Fargo, Citigroup, and Bank of America. Over the past 5 years, JPMorgan has...
  • Schlumberger slashes 11,000 jobs in latest round of cuts

    04/21/2015 9:47:45 AM PDT · by SeekAndFind · 4 replies
    The Times Picayune ^ | 04/21/2015 | By Jennifer Larino
    Schlumberger, the world's largest oilfield service provider, said it plans to cut its global workforce by another 11,000 jobs over coming months. Schlumberger has slashed its worldwide workforce by 15 percent total. The company, which has headquarters in Houston, Paris and Hague, announced its plans last week, part of sweeping layoffs across the oilfield service industry as drilling rig counts in North American plummet amid low oil prices. Competitors Halliburton and Baker Hughes have also announced layoffs. Schlumberger, which employed 126,000 worldwide at the height of oil prices last summer, did not provide specifics as to where layoffs would occur...
  • Halliburton Announces 9,000 Layoffs

    04/21/2015 9:46:05 AM PDT · by SeekAndFind
    Houston Press ^ | 04/21/2015 | By Dianna Wray
    In a move that once again isn't exactly shocking, Halliburton Co. has been engaging in much more serious layoffs than they initially planned on back in February. Back in the early part of the year -- when energy analysts were confidently predicting oil prices would rebound in no time at all -- Halliburton still battened down the hatches, announcing plans for about 6,500 layoffs. Since then the analysts have for the most part gotten increasingly dour with their predictions, oil prices have stayed around $50 a barrel and Halliburton has actually laid off about 10 percent of its workforce in...
  • Oil and Gas Company Baker Hughes ramps up layoffs to 10,500 worldwide

    04/21/2015 9:43:58 AM PDT · by SeekAndFind
    The Times Picayune ^ | 04/21/2015 | By Jennifer Larino
    Baker Hughes Inc., one of the world's largest oil and gas service companies, said it will increase job cuts worldwide to 10,500, or about 17 percent of its total workforce. The Houston-based company said the cuts are necessary in order to weather a crash in North American drilling prompted by low oil prices. Baker Hughes announced the additional cuts Tuesday (April 21) after reporting a $32 million loss for the first quarter this year. The company's first-quarter revenue was down 20 percent compared to the same period a year ago. Earlier this year, Baker Hughes said it planned to cut...
  • Wal-Mart layoffs about retaliation, not repairs, union claims

    04/21/2015 9:41:07 AM PDT · by SeekAndFind · 25 replies
    CSM ^ | 04/21/2015 | By Anne D'Innocenzio
    Wal-Mart faces a potential labor injunction from a union group asking the company to rehire all 2,200 employees affected by the abrupt temporary closing of five stores a week ago. One affected store, in Pico Rivera, California, has been a hotbed for worker protests against Wal-Mart. A union is asking labor regulators to go to court to force Wal-Mart to rehire all 2,200 employees affected by the abrupt temporary closing of five stores a week ago. The United Food and Commercial Workers International Union filed the charge on behalf of OUR Walmart with the National Labor Relations Board on Monday,...
  • Walmart suddenly closes 5 stores, lays off 2200. Why?

    04/18/2015 6:40:07 AM PDT · by RoosterRedux · 116 replies
    Conspiracy theorists are working overtime to explain why Walmart suddenly closed 5 stores in 3 states this week, laying off 2200 workers. The stores are expected to reopen in 6 months. The company claims the closings are releated to ongoing and pervasive plumbing problems. But the conspiracy theorists believe it has more to do with workers who took part in the Black Friday strike than with faulty sewers. Business Insider: Wal-Mart employees say they were completely blindsided by the news, having been notified only a couple hours before the stores closed at 7 p.m. Monday. "Everybody just panicked and started...
  • Brandon Walmart closing for 6 months, employees given little notice (Closed several stores tonight)

    04/13/2015 9:16:33 PM PDT · by tcrlaf · 45 replies
    WLFA ^ | 3-13-2015 | Peter Bernard
    Employees say a Brandon Walmart near Valrico gave them little notice before closing for six months. “When I drove into the parking lot, it was full. I knew something was not right,” said a Walmart employee who asked that News Channel 8 not identify him. “We have had plumbing problems over the last few years.” The store closed Monday at 6 p.m. because of the ongoing plumbing issues. The employee News Channel 8 talked with said a sewage backup is the likely culprit. The issues “require extensive repairs,” Walmart spokesman Amanda Hennenberg said in a statement. The store is located...
  • ACLU laying off 7 percent of its lawyers

    04/04/2015 7:56:02 AM PDT · by rktman · 40 replies
    americanthinker.com ^ | 4/4/2015 | Thomas Lifson
    The American Civil Liberties Union, theoretically a non-ideological defender of the Constitution but in practice increasingly hard left, is running into financial difficulties and just announced (memo to staffers here) layoffs for 7 percent of its lawyers. Why the difficulties? It’s a little unclear, but Glenn Reynolds of Instapundit writes, “What I hear is that they’ve moved too far left, too fast, and it’s hurt their donations.”
  • ACLU lays off 7 percent of national staff

    04/04/2015 3:27:58 AM PDT · by jalisco555 · 67 replies
    Washington Post ^ | 4/2/15 | Catherine Ho
    The American Civil Liberties Union this week laid off 23 employees, about 7 percent of the organization’s national staff. The cuts affected employees in New York, D.C., California and Wyoming. ACLU Executive Director Anthony Romero announced the impending reductions internally in a March 26 email to employees, and the affected staffers were notified Monday. In the email, which was obtained by The Washington Post, Romero cited the need for the ACLU to cut costs. In addition to the layoffs, the organization during the fiscal year ending March 31, eliminated ten national staff positions, postponed its nationwide staff conference to 2016...
  • Thousands Of Layoffs Coming After Buffett Merges Heinz With Kraft, 5th Largest Food Company

    03/25/2015 8:46:35 AM PDT · by SeekAndFind · 20 replies
    Zero Hedge ^ | 03/25/2015 | Tyler Durden
    Another day, another mega-M&A deal taking advantage of abnormally low bond rates, this time however not involving biotechs or a specialty pharma seeking to purchase a debt-free balance sheet, but one involving the Oracle of Omaha himself, and his Heinz investment, which will merge with Kraft Foods whose market cap was over $40 billion this morning on the news of the merger, and create the third largest food and beverage company in the US, and 5th largest in  the world. And while the resulting company will certainly be an unprecedented food giant, one which leaves the US food industry even...
  • Thousands Of Layoffs Coming After Buffett Merges Heinz With Kraft

    03/25/2015 7:34:39 AM PDT · by jimbo123 · 50 replies
    Zero Hedge ^ | 3/25/15 | Tyler Durden
    Thousands Of Layoffs Coming After Buffett Merges Heinz With Kraft, Creating 5th Largest Food Company In The World Another day, another mega-M&A deal taking advantage of abnormally low bond rates, this time however not involving biotechs or a specialty pharma seeking to purchase a debt-free balance sheet, but one involving the Oracle of Omaha himself, and his Heinz investment, which will merge with Kraft Foods whose market cap was over $40 billion this morning on the news of the merger, and create the third largest food and beverage company in the US, and 5th largest in the world. And while...
  • This Longtime IHOP Owner Sold His 16 Restaurants Because of Obamacare

    03/22/2015 7:51:56 PM PDT · by 2ndDivisionVet · 15 replies
    The Daily Signal ^ | March 22, 2015 | Rob Bluey
    Four years ago, my reporting on Obamacare brought me to the city of Terre Haute, Ind. Located near the Illinois’ border, about an hour’s drive from Indianapolis, the city of 60,000 residents reminded me of the area where I grew up near Utica, N.Y. It was a brisk March morning, nearly a year after President Obama signed the Affordable Care Act, and I had trekked to the Midwest with a camera crew to meet Scott Womack, owner of about a dozen IHOP restaurants in Indiana and Ohio. Womack’s testimony before Congress earlier in 2011 caught my attention and I wanted...
  • Pink Slips: 100,000 Jobs Wiped Out Amid Oil Price Collapse: “Spreading Like Cancer”

    03/21/2015 1:05:32 PM PDT · by Kartographer · 18 replies
    SHTF Plan ^ | 3/21/15 | Mac Slavo
    The bloodletting among the oil majors and their vast web of ancillary services has of course extended to the United States – which appears to be taking far more casualties than Saudi Arabia in the battle for marketshare. In January oilfield services giant Baker Hughes said it will lay off 7,000 employees, about 11 percent of its workforce; that number was rivaled only by its competitor, Schlumberger, which let go 9,000 workers. Shell, Apache, Pemex and Halliburton are among major oil companies to issue recent pink slips to the growing army of unemployed oil workers. In the U.S., the worst...
  • Al Jazeera America is Running Out of People to Fire

    03/21/2015 11:01:04 AM PDT · by SeekAndFind · 13 replies
    Frontpage Mag ^ | 03/21/2015 | Daniel Greenfield
    What do you get when you combine Al Gore’s low performing lefty MSNBC alternative news channel with an oil state that sponsors terrorism? The answer is a cable news channel that even fewer people watch.Struggling Al Jazeera America is cutting jobs and replacing most of its daytime lineup with an overseas news feed in its latest reshuffling. The cable outfit told staff on Friday it’s canceling both its morning news report and “Consider This with Antonio Mora” at 11 a.m. It’s also scrapping its 4 p.m. news hour and pushing its 6 p.m. coverage an hour later to 7...
  • Target layoffs: 1,700 Twin Cities jobs; 1,400 open jobs eliminated

    03/11/2015 6:14:06 AM PDT · by TurboZamboni · 31 replies
    pioneer press ^ | 3-11-15 | Tom Webb and Katie Kather
    The young Target Corp. employee was told to come to a meeting. The elevator was filled with co-workers crying. That's when she knew her job was gone. "It's crazy that this was my dream, and it was ripped away from me," the woman, who did not give her name, said Tuesday morning through tears. "It's such a great company. That's the worst part." On a grim day at Target's Minneapolis headquarters, the retailer laid off 1,700 corporate workers and eliminated an additional 1,400 open positions. The layoffs left Target with about 11,300 Twin Cities corporate employees, down from 13,000 when...
  • Initial jobless claims unexpectedly jump to nine-month high

    03/05/2015 7:31:58 AM PST · by SeekAndFind · 42 replies
    Los Angeles Times ^ | 03/05/2015 | By JIM PUZZANGHERA
    Initial jobless claims unexpectedly jumped to a nine-month high last week, an indication that severe winter weather could be putting a temporary freeze on the labor market's recovery. About 320,000 people filed for first-time unemployment benefits last week, up 7,000 from the previous week, the Labor Department said Thursday. Economists had been expecting claims to fall to 300,000. Claims below that level indicate a strong labor market. Private sector added 212,000 jobs last month, down from January, ADP says Private sector added 212,000 jobs last month, down from January, ADP says In another read on the jobs market, planned layoffs...
  • Fears and cheers follow Target's plan to lay off 'several thousand' at headquarters

    03/05/2015 6:17:40 AM PST · by TurboZamboni · 46 replies
    Pioneer Press ^ | 3-5-15 | tom webb
    Some senior buyers are already gone. Vice presidents, too. But for 13,000 other Target Corp. employees in Minnesota, there's fear that the bull's-eye is on their backs. Target jolted the Twin Cities on Tuesday when it said "several thousand" corporate staffers will be laid off in a cost-cutting move. Executives didn't say who, when or where -- although the buzz is the ax will swing freely next week. Since the news broke, reaction to Target's $2 billion cost-savings plan has been split, especially by street. On Wall Street, analysts mostly liked the plan. Target stock touched an all-time high Wednesday...
  • Royal Bank of Scotland (RBS) is cutting 14,000 investment banking jobs

    03/04/2015 7:07:19 AM PST · by SeekAndFind · 4 replies
    Business Insider ^ | 03/04/2015 | Lianna Brinded
    "RBS has been a bruising place to work ... and that doesn't sit well with me," the Royal Bank of Scotland CEO McEwan said on Thursday. "We will work hard to make [RBS] a much better place for our people." McEwan mentioned on a conference call last week that there would be "substantial job losses" and that "we haven't got a number out there because we've got a lot of consultation to do with our people." Little did his staff know that this meant about three out of four people working in the investment banking part of the bank would...
  • OfficeMax call center in Peru reportedly closing (Town in Illinois)

    02/28/2015 8:19:46 PM PST · by 2ndDivisionVet · 12 replies
    The LaSalle News-Tribune ^ | February 26, 2015 | Staff
    An OfficeMax call center in Peru is closing its doors, beginning layoffs in March, according to two sources. Layoffs should be completed in November. A news story in 2013 indicated 275 people worked at the Peru facility. Employees on Thursday were instructed not to speak to the media about the layoffs. OfficeMax merged with Office Depot in 2013. As previously reported, the combined company disappointed state lawmakers by locating its headquarters in Boca Raton, Fla. (Office Depot’s longtime home) and pulling out of Naperville, where OfficeMax had been headquartered. OfficeMax workers have dealt with uncertainty about their jobs for the...
  • JPMorgan to close 5% of its bank branches

    02/25/2015 1:31:46 PM PST · by SeekAndFind · 10 replies
    CNBC ^ | 02/25/2015
    JPMorgan Chase plans to close 300 bank branches over the next two years, about 5 percent of the total, as more customers move online and the bank seeks to cut costs. The closures are part of a $1.4 billion cost-cutting plan the bank announced for this year. The latest developments were revealed during the bank's annual investor day conference Tuesday. Online and mobile banking have become increasingly popular and that trend is expected to continue. The shift online has begun to make brick-and-mortar branches less necessary and, frankly, expensive. Tellers handled only 42 percent of all bank deposits last year,...
  • This Is Why Hewlett-Packard Is Firing 58,000

    02/25/2015 7:19:07 AM PST · by SeekAndFind · 55 replies
    Zero Hedge ^ | 02/25/2015 | Tyler Durden
    The biggest scandal in today's release of Hewlett Packard Q1 earnings was not that, just as the Nasdaq is knocking on 5000's door, it reported revenues of $26.8 billion missing consensus expectations of $27.3 billion, while beating non-GAAP EPS by 1 cent to $0.92 (up from $0.90 a year ago) entirely due to a massive reduction in outstanding stock and some truly gargantuan non-GAAP addbacks (GAAP EPS declined from $0.74 a year ago to $0.73) pushing the stock down 7% after hours. The biggest scandal was the company announced that having cut 44,000 workers so far, it will cut...
  • Nation's largest Christian bookstore and gift chain files for Chapter 11 bankruptcy protection

    02/15/2015 9:50:53 PM PST · by 2ndDivisionVet · 44 replies
    The Grand Rapids Press ^ | February 13, 2015 | Jim Harger
    GRAND RAPIDS, MI -- Family Christian Stores, the nation's largest Christian bookstore and gift chain, has filed for Chapter 11 bankruptcy in hopes of restructuring its debt in the face of declining sales. The Grand Rapids-based chain said it does not expect to close any of its 266 stores in 36 states or layoff any of its 3,100 full-time and part-time employees. "We strive to serve God in all that we do and trust his guidance in all our decisions, especially this very important one," said President and CEO Chuck Bengochea in a news release. "We have carefully and prayerfully...
  • RadioShack Files for Chapter 11 Bankruptcy After Striking Deal to Sell Some Stores (Sprint)

    02/05/2015 9:28:45 PM PST · by 2ndDivisionVet · 42 replies
    The New York Times' DealBook ^ | February 5, 2015 | Rebecca R. Ruiz and Michael J. de la Merced
    For years, RadioShack — the retailer that helped bring personal computers to the masses — outlasted untold predictions that it would buckle in the face of bigger rivals and online competitors. But its clock has finally run out. RadioShack, a long-ailing 94-year-old electronics chain, filed for bankruptcy protection on Thursday after striking a deal to sell up to 2,400 of its stores to the wireless service provider Sprint and a hedge fund that is its biggest shareholder. The Chapter 11 filing, made in federal bankruptcy court in Delaware, took few unaware. RadioShack had not turned a profit since 2011, and...
  • Notices go out to more than 1,700 Izod Center workers that they'll lose jobs (New Jersey)

    02/05/2015 8:42:34 PM PST · by 2ndDivisionVet · 25 replies
    EAST RUTHERFORD, N.J. – Notices have gone out to more than 1,700 Izod Center workers that they'll lose their jobs by the end of March because the arena is closing. Almost all of the employees are part-time. The Record (http://bit.ly/1zPZgk1 ) reports the New Jersey Sports and Exposition Authority says the layoffs include 618 stagehands, 263 security guards, 169 admissions workers, 116 trades workers, 66 box office employees, and 50 parking attendants....
  • Weatherford to cut 5,000 jobs as it fights oil slump

    02/05/2015 8:27:35 PM PST · by 2ndDivisionVet · 7 replies
    CNBC / Reuters ^ | February 5, 2015
    Weatherford International plans to cut 5,000 jobs, or about 9 percent of its workforce, by the end of the first quarter as the oil services company tries to save costs amid sinking oil prices and budget cuts. The job cuts will focus on both operating and support positions and a majority of the reductions will be in the Western Hemisphere, the company said in a statement. Weatherford, which currently employs about 56,000 people across the world, expects the job cuts to result in annualized savings of over $350 million. "Due to the quickly changing market conditions, we are aligning and...
  • Workers Try to Boot Union for Fourth Time After ‘Rigged’ Election ( Alabama - UAW )

    02/04/2015 3:26:42 PM PST · by george76 · 16 replies
    Washington Free Beacon ^ | February 4, 2015 | Bill McMorris
    Anti-union forces claim UAW ‘stuffed’ ballot box. Workers in Alabama are staging a fourth attempt to kick the United Auto Workers (UAW) out of their plant following claims that stuffed ballot boxes derailed their last vote. Employees at the NTN-Bower Corporation, a ball bearings manufacturer, have unsuccessfully tried to boot the labor giant out of their factory for two years. Workers voted to decertify the UAW in an earlier election, but an Obama-appointed National Labor Relations Board (NLRB) panel threw out the election. Another election was held in January of this year. The UAW prevailed, but it was later revealed...
  • 1,000 stores likely to close, as Staples buys Office Depot

    02/04/2015 9:48:07 AM PST · by SeekAndFind · 36 replies
    Philly.com ^ | 02/04/2015 | Joseph N. DiStefano
    In a move expected to accelerate the shutdown of office-supply stores across the U.S., Staples Inc. has agreed to pay stock worth $6.3 billion to acquire rival Office Depot, which last year absorbed the former Office Max chain. The price works out to $11 per Office Depot share, up from $7.60 on Monday (Office Depot shares started rising Tuesday as deal rumors were reported in the financial news). "Financially this transaction makes sense and is necessary to the longterm health of these two companies," retail analyst David Strasser told investors for Janney Capital Markets in a report today. Both Staples,...
  • Tulsa's Helmerich & Payne to lay off 2,000, citing weak oil market

    01/30/2015 12:19:56 AM PST · by 2ndDivisionVet · 2 replies
    The Tulsa World ^ | January 30, 2015 | Sonya Colberg and Rod Walton
    Tulsa-based drilling rig maker and operator Helmerich & Payne Inc. expects to lay off 2,000 employees companywide, it announced Thursday during a conference call. The cuts, which are already beginning, are spurred by a reduction in rig use due to falling crude oil prices, CEO John Lindsay said during the earning call with analysts. Helmerich & Payne employs about 500 in Tulsa and nearly 12,000 companywide. The overall reduction is about 17 percent of the company’s total workforce. “This is without question the worst part of the downturn,” Lindsay said. Lindsay revealed the layoffs shortly after a company earnings report...
  • ConocoPhillips tells employees to expect layoffs

    01/30/2015 12:04:47 AM PST · by 2ndDivisionVet · 3 replies
    Fuel Fix ^ | January 29, 2015 | Robert Grattan
    HOUSTON — ConocoPhillips has told its employees layoffs could be on the way, as the independent producer looks to reign in spending amid lower crude prices. The layoffs and an accompanying pay freeze will supplement cost-control steps the Houston company has already taken, such as slashing its exploration and production budget, Daren Beaudo, a spokesman for ConocoPhillips, said in an emailed statement. The company did not detail how many workers would be let go or when the job cuts could take place. “As with our capital program we will be deferring, delaying or eliminating controllable costs where we can,” he...
  • IBM Layoffs 2015: Here's What You Need To Know -- Big Blue's employees bracing for massive job cuts

    01/29/2015 7:55:50 AM PST · by SeekAndFind · 30 replies
    Talkin Cloud ^ | 01/29/2015 | CJ Arlotta |
    The VAR Guy reported last week that IBM's massive layoffs would begin this week — and this seems to be the case. Word surfaced last weekend that IBM is prepping to layoff up to 26 percent of its global workforce, or some 100,000 workers.Many of these layoffs come on the heels of Lance Crosby's resignation. Crosby, the founder of SoftLayer, a company IBM acquired for around $2 billion in July 2013, said in a statement that he was taking some time off before pursuing his "next challenge."Here's what you need to know about IBM's most recent round of layoffs....
  • 'Bloodbath:' IBM workers report job cuts are underway (EMC also announced cuts)

    01/29/2015 6:44:57 AM PST · by FR_addict · 36 replies
    WRAL TechWire ^ | Jan 28, 2015 | RICK SMITH
    Research Triangle Park, N.C. — A "resource action," or layoffs, are underway at IBM (NYSE: IBM) under the name "Project Chrome," workers are telling the Alliance@IBM Union. "Bloodbath today," wrote an IBMer in Columbia, Mo. "Me? Yes, RA'd." “At a time when IBM is aggressively transforming, the company continues to rebalance its workforce to meet the changing requirements of its clients and to lead in new, high value segments of the IT industry, including cloud, analytics, mobile, security, social and cognitive computing. This is not new news," IBM said in a statement. "IBM announced a $600 million workforce rebalancing charge...
  • U.S. jobless claims drop sharply to near 15-year low!

    01/29/2015 6:35:20 AM PST · by SeekAndFind · 51 replies
    Yahoo News via Reuters ^ | 01/29/2015 | Lucia Mutikani
    WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits tumbled last week to its lowest level in nearly 15 years, adding to bullish signals on the labor market. Initial claims for state unemployment benefits dropped 43,000 to a seasonally adjusted 265,000 for the week ended Jan. 24, the lowest since April 2000, the Labor Department said on Thursday. It was the biggest weekly decline since November 2012. The drop, which far exceeded economists' expectations for a fall to only 300,000, probably exaggerates the strength of the jobs market as the data included the Martin Luther King...
  • Foxconn Layoffs: Apple Supplier to Downsize Workforce [Desire to replace workers with robots]

    01/27/2015 10:49:09 AM PST · by SeekAndFind · 53 replies
    InvestorPlace ^ | 01/27/2015 | By William White,
    Foxconn, a supplier for Apple (NASDAQ:AAPL), has announced that it’s cutting its workforce. The exact number of employees that will be affected by the Foxconn layoffs hasn’t been announced. The company also hasn’t said when the layoffs will go into effect. The job cuts come as the company faces higher wages in China and less revenue growth, reports Reuters. The Foxconn layoffs are also likely affected by the company’s desire to replace workers with robots. The use of robotic arms in some parts of the company’s work will allow the company to replace workers that were performing simple tasks, Reuters...
  • IBM denies rumor of 100,000 layoffs but confirms ‘several thousand’ layoffs

    01/27/2015 10:45:27 AM PST · by SeekAndFind · 34 replies
    The Examiner ^ | 01/27/2015 | Tina Burgess
    IBM denies the rumor about the layoffs of more than 100,000 IBM employees. The company says that only “several thousand” IBM employees will be affected by the layoffs. In an email statement from IBM to Reuters, IBM officially denied the rumor concerning as many as 112,000 employees. According to the Jan. 26 Reuters report, “IBM is in the process of layoffs, as disclosed in its latest earnings report last week, but it will affect ‘several thousand’ employees only.” The layoffs of as many as 112,000 of the company’s employees would affect 26 percent of its global workforce. Robert Cringely, a...
  • Biggest corporate lay-off in history is expected within days, with IBM believed to be scrapping 110K

    01/26/2015 3:41:54 PM PST · by Libloather · 108 replies
    Daily Mail ^ | 1/26/15 | Thomas Burrows
    Biggest corporate lay-off in history is expected within days, with IBM believed to be scrapping 110,000 of its 430,000 workforce around the world IBM is preparing to scrap 110,000 of its global 430,000 workforce in the biggest corporate cull in the computer giant's history, a report has revealed. The company will make the job cuts this week under a plan known internally as 'project chrome', according to US technology blogger Robert Cringely on Forbes website. IBM is in the process of layoffs, as disclosed in its latest earnings report last week but said the number of job losses was significantly...