1/17/03
AT&T delayed merit raises for managers by six months
and froze the creation of new management jobs, citing the ailing
economy and the particular hardships facing the telecommunications
industry.
1/17/03
Video game publisher Acclaim Entertainment, reeling
from soft game sales, said it will cut its global administrative
staff by 35%.
1/16/03
Critical Path Inc. said fourth-quarter revenue should
meet or exceed its guidance, but it plans to cut 175 jobs, or about
30% of its work force. The company, which develops software for
digital communications, said it will take a $7.5 million charge
in the first half of 2003 for the cost cuts, which are expected
to save the company about $22 million a year.
1/16/03
PMC-Sierra Inc. announced a restructuring plan that includes
a work-force reduction of about 16% and the closure of excess facilities.
The Santa Clara, Calif.-based company had
1,099 world-wide employees as of Dec. 29.
1/15/03
Level 3 Communications intends to lay off 150 employees,
including 50 at its Broomfield headquarters. Level 3 president and
chief operating officer Kevin O'Hara detailed the planned job cuts
in an e-mail sent to employees last week. O'Hara also predicted
"significant" job cuts across the two companies in the
wake of Level 3's anticipated completion next month of its purchase
of bankrupt telecom concern Genuity.
1/15/03
MandrakeSoft, the financially strapped creator of the
Mandrake version of Linux, said it filed for the French equivalent
of bankruptcy protection from creditors. In
a statement on the company's Web site, the Paris-based company said
its financial liabilities prompted it to file for "declaration
de cessation des paiements," the French equivalent of Chapter
11 bankruptcy protection.
1/14/03
Gateway
Inc., which recently warned fourth-quarter earnings and sales
would fall short of projections, closed four of its retail stores
as part of continuing cost-cutting. With the latest closings, Gateway
now operates 268 stores, down from a peak of 350 in 2000.
1/14/03
WorldCom
Inc. Chairman and Chief Executive Michael Capellas is planning
a sweeping restructuring of the big long-distance carrier that will
require more layoffs and deeper cuts in a cost structure whose fat
had been concealed by the company's $9 billion accounting fraud.
1/14/03
Kmart
will shut 326 stores and a distribution center and cut some 37,000
jobs in a bid to emerge from Chapter 11 bankruptcy protection by
the end of April.
1/13/03
FAO
filed for bankruptcy-court protection following a difficult holiday-shopping
season for the recently formed toy retailer.
FAO was formed a year ago by the
management of the Right Start Inc. chain of baby stores, which spent
$155 million to acquire the assets of the bankrupt Zany Brainy chain
of educational toy stores in 2001 and the venerable FAO Schwarz
chain of high-end toy stores last year.
1/13/03
The Buffalo Sabres filed for bankruptcy protection
Monday, becoming the second National Hockey League team in a week
to seek relief from creditors. Commissioner Gary Bettman said the
Chapter 11 filing in U.S. Bankruptcy Court in Buffalo, N.Y., is
a step toward resolving the financial problems that put the Sabres
under the league's control in June. The team is for sale.
1/13/03
Seeing little
hope for better times in 2003, the online technology-news provider
CNET Networks Inc. said it is firing 80 more employees --
about 5% of its work force.