Archive for the ‘Screwdd’ Category

“Tis the season to rush up layoffs so they don’t fall in the sacrosanct Thanksgiving-to-Christmas period: An AOL insider tells us the company is slated to let go around 100 people tomorrow, following 1,500 firings Electronic Arts announced today.”

(Source: AOL Layoffs Tomorrow to Kick Off Depressing Holiday Season? – AOL – Gawker)

“Large-scale layoffs have been hitting everywhere in the past year, and Electronic Arts is now no different: according to Gamasutra, the game publisher announced today that it will lay off 1,500 workers by April 2010, after posting a year-to-year decrease in revenue and a net loss of $391 million.

About 1,300 of the freshly unemployed individuals will result from the full closure of some of EA’s facilities. This will cost EA money at the outset, but they estimate that by dropping the facilities they stand to save about $100 million annually. According to EA CEO John Riccitello, the cuts are happening in ‘targeted areas,’ so the company can focus up on its bigger, more lucrative games. “

(EA to lay off 1500 workers, close some facilities)

“It’s been a helluva couple years for Sprint — new networks, new platforms, and new acquisitions have all been intermixed with a drawn-out recovery effort that’s undoubtedly weighed heavy on the hearts and minds of staff at the company’s dual headquarters in Kansas and Virginia. With more (albeit slower) subscriber losses in its most recent earning’s report, it’s still all but impossible to say whether they’ll be able to survive in the long term as an independent operation, and we’re not quite sure what to make of this latest move, either: a promise of 2,000 to 2,500 job cuts to be announced through the fourth quarter, many of which will be completed before the year’s up.”

(Sprint cutting up to 2,500 more employees from the payroll)

“Microsoft is cutting another 800 jobs worldwide as it attempts to cope with falling demand for its products. … Earlier this year Microsoft chief executive Steve Ballmer said the company would be cutting ‘up to’ 5,000 positions, although [this] takes the company beyond that initial figure.
…
The move comes shortly after the company reported falling profits and revenues in its most recent financial filings. … Until this year the world’s biggest software company … had never made any large-scale redundancies.”

(Source: More layoffs at Microsoft: another 800 cut – Computerworld Blogs)

“CIT Group, a major lender to small and mid-size businesses, filed for bankruptcy protection Sunday afternoon, a process that almost certainly will wipe out the federal government’s $2.3 billion investment in the company.

CIT is the first firm bailed out by the government to subsequently fail.

The 101-year-old firm said it hoped to significantly reduce its debt in what is known as a ‘prepackaged’ plan for reorganization, which would allow it to emerge from Chapter 11 bankruptcy protection by the end of the year. It is one of the biggest bankruptcy filings in U.S. history and could have broad ripple effects. The firm provides loans to about 1 million companies, including many already struggling in the economic downturn. “

(Source: CIT files for Chapter 11 bankruptcy protection – washingtonpost.com)