5/17/02
AOL Time Warner, will toss out 100 of its 725 employees from
its America Online division in an attempt to deal with less advertising
clients and less new subscribers. Ad sales declined a surprising
31% in the last quarter.
5/17/02
Razorfish, provider of digital solutions, received official
notice by Nasdaq that it no longer meets the minimum stock bid requirement
and will be delisted. The company plans to appeal its deactivation
and will have a hearing with Nasdaq's panel.
5/17/02
BellSouth, plans to shed its largest number of cuts -- between
4,000 and 5,000 employees. This is due to the regional phone company's
difficulties with a lame economy, tight competition and pressures
from regulation. The company also cut is earnings and revenue outlook
blaming the economy.
5/15/02
Teleglobe, the international network operator of Canada's
largest telecom group, BCE, said that it was applying for bankruptcy
protection. The company also said it would cut its work force by
nearly half and exit parts of its business.
5/15/02
South Korea's Hynix Semiconductor Inc said it would slash
30 percent of its management as part of reform plans to try and
help the world's third largest memory chip maker survive.
5/14/02
SBC Communications Inc. said that it will slash another 5,000
jobs, or about 2.6 percent of its work force, in the second quarter
because the slow economy continues to curb its revenue. The cuts
come atop the 10,000 positions already eliminated since last fall.
5/14/02
Napster's chief executive resigned after founders of the
troubled song-swap company refused to be bought out by the German
media conglomerate Bertelsmann AG. Further cost-cutting moves were
also announced. The company is rapidly running out of cash and may
soon file for bankruptcy protection.
5/14/02
French insurance giant Axa announced it would cut 700 jobs
in Britain as part of a restructuring of its general insurance operation.
The cuts represent 14 percent of the company's 5,000 staff in the
London-headquartered insurance division, which covers car, household
and commercial insurance.
5/13/02
Marketing software maker E.piphany Inc. will cut about 15
percent of its employees as it works to reach profitability amid
soft corporate demand for technology. When the San Mateo, California-based
software shop wrapped up its first quarter on March 31, it had about
660 employees.
5/13/02
Online car seller Autobytel said that it would cut 40 jobs,
or about 15 percent of its work force, to save about $4 million
a year. Autobytel said it is making the changes as part of a continuing
effort to reduce costs and improve operating efficiency after its
purchase of Autoweb, a car retail Web site.
5/13/02
Internet keyword company RealNames said that it has decided
to close shop because Microsoft wouldn't renew its contract with
the company. RealNames shut down operations Monday and laid off
83 employees. The company said it would be liquidating its assets
and "making every effort to maximize their value for the benefit
of (RealNames') creditors and shareholders."