Dot Com News from Week of February 11, 2002

• 2/15/02 - Verizon Wireless said it will fire about 1,000 workers, or less than 2 percent of its staff, as the industry faces a slowdown in growth. The layoffs will spread across operations nationwide.
• 2/15/02 - Satellite telephony provider Globalstar Telecommunications said that it has filed for Chapter 11 bankruptcy protection under a prepackaged restructuring plan with its creditors. The bankruptcy plan, which had been expected, also includes the company adopting a new business model.
• 2/15/02 - Garageband Records, one of the best-known start-ups that looks for recording talent through the Internet, has at least temporarily shut down its Web site because of a funding crunch. The company said it hopes to begin operating the site again soon if it can find a record distribution deal to replace one that fell through earlier in the week.
• 2/15/02 - Sprint PCS plans to lay off about 3,000 employees as it closes five customer-service centers. The wireless provider recently cut its growth outlook.
• 2/14/02 - Posted on the Bigstar.com Web site is a notice which reads "We have suspended operation of the BigStar web site. We are sorry for any inconvenience."
• 2/14/02 - Switchouse.com, formerly known as SwapRat, who once attempted to create an online marketplace for people to trade goods, has closed its doors. Posted on their Web site is a notice saying that they have appreciated your support at Switchouse.com, and recommend Amazon.com to all their former buyers and sellers.
• 2/14/02 - CacheFlow, a developer of special-purpose servers for speeding up delivery of information across the Internet, reported a narrower loss in its fiscal third-quarter ended Jan. 31, and said it aimed to cut 45 percent to 50 percent of its work force to better address the current market.
• 2/13/02 - British Airways announced plans to cut jobs, routes and the size of its fleet as part of a program to reverse a string of losses. British Airways has been among the hardest hit of Europe's big airlines by the U.S. recession and the plunge in air travel following the Sept. 11 terrorist attacks.
• 2/12/02 - G&L Internet Bank, which caters to the gay and lesbian community, is winding down its operations because of the crippled economy and its inability to draw lucrative accounts.
• 2/12/02 - Sony Pictures Digital Entertainment said that it has laid off 30 percent of the staff at its Screenblast video Web site, signaling the ongoing effects of a downturn in advertising sales. The unit has been reduced to 44 employees after the layoffs, which took place on Monday, according to a spokesman. He said the 23 laid-off staffers worked on the production side of the business.
• 2/12/02 - Kaiser Aluminum Corp. filed for Chapter 11 bankruptcy-court protection, burdened by high debt, low prices and overcapacity in the global aluminum industry.
• 2/12/02 - Covista Communications, Inc. announced reductions in staffing totaling approximately 26% of the Company's total workforce. The staffing cuts reflect the continuing effects of the events of September 11, when Covista lost the use of its New York City telecommunications switching facility for several weeks.
• 2/12/02 - Telefon AB LM Ericsson plans to cut up to 300 jobs in Norway as it extends the cost-cutting program that it began last year. The Swedish telecommunications equipment maker will eliminate 250 to 300 research and development positions.
• 2/11/02 - Goodyear posted a wider fourth-quarter loss, reflecting weak demand and a steep restructuring charge. The tire maker also said it expects to cut more than 3,500 jobs by year end.
• 2/11/02 - Apple Computer disclosed Monday that it cut 375 positions in the December-ending quarter and plans to cut 50 more as part of a previously announced restructuring.