Sara Lee Cutting Another 1,000 Jobs

The Associated Press ^ | November 19, 2001

[Willie Green]

For education and discussion only. Not for commercial use.

CHICAGO -- Consumer goods giant Sara Lee Corp. will cut 1,000 more jobs than earlier disclosed, raising the number being eliminated to 14,263 employees, or 9 percent of last year's total work force.

The latest move in the company's 1{-year-old reshaping was disclosed in the company's quarterly 10-Q filing with the Securities and Exchange Commission last week and confirmed Monday by company spokeswoman Hillary Sterling.

Most of the new cuts will be made in the company's intimates and underwear business, where sales have declined under pressure from discount pricing by competitor Fruit of the Loom Inc. Most of the reductions announced since last year already have been made.

Sara Lee, whose products range from Chock full o'Nuts coffee to Hanes underwear to Hillshire Farm sausages, earned $242 million in the quarter ended Oct. 31, a 5 percent decline over the same period last year.

In its annual report filed July 30, the company had envisioned cutting 13,200 jobs.

Sara Lee shares rose 4 cents to close at $22.66 Monday on the New York Stock Exchange.

___

On the Net:

http://www.saralee.com

[Willie Green]

index bump

[riley1992]

"Nobody doesn't like Sara Lee"

I'm betting there are about 1,000 folks who would have a quibble with that.

[GoredInMich]

interesting. There is a plant that processes turkeys, about 5 miles north of my house, that used to be privately owned, and is now a subsidiary of sara lee.

This particular plant is most widely known for an outbreak of listeria that killed about 15 people across the country three years ago.

The meat came from this plant. Mostly hot dogs and processed lunch meats

[pray4liberty]

Sara Lee is a major contributor to Brady/MMM.

[good_ash]

I'm sure the laid off empolyees are glad sara lee directed money towards the million morons instead of keeping some of them on the payroll.

[lelio]

How many people did this company employ if you can lay of 14k and still do your job.

[blackdog]

Too bad they didn't include Vernon Jordan in the firings.

[laker_dad]

How are things in beautiful Borculo?

[donozark]

I used to be a good cu$tomer of Sara Lee. At my present weight, I could knock a hole in their cake section in the cooler at our rural grocery store. Then they turned on us (gun owners). Haven't spent a dime since. And I really did like their products...

[KeepTheEdge]

They need the money for the Jordan commercials.

[gieriscm]

Because of Sarah Lee's contributions to Brady/MMM, I haven't purchased their products in years. While I'm sorry to see people laid off (I can empathize; it recently happened to me), I rejoice that the company is in trouble.

Perhaps if they spent their money on employee salaries, instead of giving to groups that seek to undermine our civil rights, they would be more profitable.

[pray4liberty]

Then they turned on us (gun owners). Haven't spent a dime since. And I really did like their products...

Me too. I loved Sara Lee Pound Cake, but I love my God-given rights more.

[nicollo]

14,263 employees, or 9 percent of last year's total work force.

OMG: SL employs 140,000, and they are... what?

Glad you all agree to the right of private contract. You don't like Sara Lee, you don't buy their product. Sara Lee don't like 14,263 employees, it fires them...

Where's the problem here?

[laker_dad]

Actually, I see a lot of money going to big time consulting firms in charge of consolidating business units and installing common systems.

[Willie Green]

How many people did this company employ if you can lay of 14k and still do your job.

It's apparent that 14k were laid off due to declining sales volume.

It is also apparent that you're ignoring this fact and attempting to imply that they were redundant and not performing any work while they were there.

[GoredInMich]

Nothing ever changes, except they tore down the Bohl restaurant, and straightened out Port Sheldon road.

Ahhh, Borculo, the cultural hub of the universe.

[freedox]

Sara Lee makes underwear??? Are they edible? Smile........

[RMrattlesnake]

Serves Sara Lee right for supporting The anti-gun lobby and the million commie moms march. I feel bad for those who lost there jobs but I hope the one who desided to support the million moms will find no help in the unployment line.