Posts tagged “Layoffs”
So why did Nortel go bankrupt, causing 8,000 job losses in RTP alone? James Bagnall, the associate business editor of The Ottawa Citizen who followed Nortel closely for years, explains how a "rush to judgment" in 2001 sealed the fate of the former telecom giant.
After an earnings report that missed analysts' expectations for the first time since 2005, IBM's CFO says the tech giant anticipates in $1 billion in costs for "workforce rebalancing." Most of that expense will come over the next two months. The cost-cutting could mean big layoffs, but affected workers are likely to get chances to apply for other positions.
GlaxoSmithKline (NYSE:GSK) is closing down Massachusetts company Sirtris Pharmaceuticals five years after the pharma giant paid $720 million to acquire the company researching treatments for diseases of aging.
Big Blue has made its corporate strategy well known: Drive down U.S. headcount and shift jobs to lower-cost countries as part of a plan to increase share value. As the Dow Jones industrial average hits a record high with IBM helping drive it there, Big Blue discloses it's moving U.S. manufacturing jobs south of the border.
Elster, a manufacturer of various metering devices and a developer of smartgrid technology, says the bulk of its North American headquarters won't be affected but the company's decision to move 98 manufacturing jobs south of the border.
The Singapore-based company filed notice of the plant closure last week with the state Department of Commerce. The notice states that the Creedmoor plant will close by the end of February, putting 157 people out of work.
iRobot, the Massachusetts-based manufacturer of robots for military and domestic use, is shutting down its maritime drones operation in Durham as part of a corporate restructuring. The company bought a Duke faculty-founded firm in 2008.
Two-thirds of the reductions will be outside the U.S., said the person, who declined to be identified because the matter isn't public. Google is also shutting down about one-third of Motorola Mobility's facilities, a source says.
Microsoft, the world's largest software maker, has been working to control expenses as personal-computer sales have stagnated and its Internet-advertising business hasn't generated as much revenue as the company once expected. The lackluster online performance prompted the company to record a $6.2 billion writedown for the quarter that ended June 30.
Capitol Broadband Management, founded by former Cary Mayor Glen Lang and once one of the fastest growing private companies in the United States, is closing down as of today, according to a notice filed with the state of North Carolina. Some assets have been sold for $20 million and some people will keep their jobs, a company executive says.
Some of the firm's assets are being sold and some jobs will be retained. The company, founded by former Cary Mayor Glen Lang which also operates under the name Capitol Infrastructure, recently laid off two thirds of its employees. It filed for bankruptcy in April.