Corning has announced it is cutting 3,500 jobs or about 13% of it’s workforce amid a slow down for its specialty glass used in plasma tvs and computers.
State Farm to pull our of Florida market
January 29, 2009 — ColioneState Farm asked for a 47% increase in rates it charges its customers, the government said no. Now State Farm has stated it plans to exit the Florida market. The company posted billions of dollars of loses following the 2004 storm season and its net worth has reduced by 25% since then.
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Note: Correct me if I’m wrong, but nothing in the article stated how much the company made in the years previous to the storms. A bad year and all of the sudden they are ready to pull the plug? How about you stuff some of the profits you make in good years into a mattress so you can use it when you have bad years… Isn’t that good financial planning?
Starbucks cutting 6,700
January 29, 2009 — Colione
Starbucks reported it missed goals and will close 300 stores and layoff 6,700 workers. The CEOs salary would be reducd to less than $10,000 from over $1 million last year. Planned store openings were also reduced by half of last years openings to about 95.
Panasonic cuts 560
January 29, 2009 — ColionePanasonic said it will reduce it’s workforce by 560 in asia as it closes two manufacturing plants. The closures are blamed on changing global demand for electronics and comes amid the $9 billion purchase of Sanyo to make Panasonic the largest electronics company in the world.
Target downsizing it’s headquarters
January 29, 2009 — Colione
Target, the number 2 retailer behind WalMart is cutting the workforce at its headquarters by about 9%. About 600 positions including 400 already vacant positions are being cut due to the economic downturn. Target already announced it has frozen salary increases to its top executives and has suspended its share repurchase program.
Playboy Making Cuts
January 27, 2009 — ColioneEven Playboy is making cuts during the latest recession. In an effort to shave costs, the Playboy empire will close it’s New York City offices and consolidate into it’s Chicago offices.
The publishing arm of Playboy lost over $1 million alone in the 3rd quarter of 2008. One reason the magazine hasn’t been shuttered is because of it’s overall brand importance to Playboy Enterprises.
Caterpillar to cut 20,000
January 27, 2009 — Colione
Caterpillar moves to cut 20,000 workers as it expects a slowdown in business for 2009. 8,000 workers cut will be contractors not directly employed by the company. Direct workers will amount for about 12,000 of those cut and equals 11% of it’s global workforce.
Toyota Thinking Cuts
January 27, 2009 — Colione
Toyota, one of the most solid car companies out there, is thinking of making cuts in the US and UK. A good point in the story is the company will make all cuts through voluntary programs as it has in the past. No involuntary cuts are expected.
Sales were down 18% for all of 2008 and 37% alone for December.
Yahoo Freezing Raises
January 26, 2009 — ColioneYahoo has said it will pass on annual raises this year in an effort to keep expenses in line with sales. It isn’t specified if this will include all employees or executive level employees. Right now we’re sticking with all employees.
ING (Dutch) to cut 7,000
January 26, 2009 — ColioneThe Dutch bases finance and insurance firm ING to cut 7,000 in effort to save $1.4 billion.
