7/14/02
FleetBoston has decided
to shut down its Robertson Stephens investment bank after
talks for a management-led buyout failed. Robertson Stephens had
taken some of the best-known dot-coms public.
7/12/02
Federal regulators are closing 800,000 NextCard
accounts as a result of the online credit-card issuer's financial
failure.
7/12/02
Sprint plans to cut about 1,200 jobs, or 1.5% of its
work force. The move affects workers in the telecom's struggling
long-distance business.
7/11/02
Supply chain
software maker i2 Technologies is planning to lay off as
many as 30 percent of its 4,600 employees in response to waning
demand for its software.
7/10/02
Robertson
Stephens, preparing for an expected management buyout and facing
continued business weakness, is laying off half its employees over
the next few months. A spokeswoman for the investment-banking arm
of FleetBoston Financial Corp. said the firm will lay off
425 of its 950 employees.
7/10/02
Software
maker Selectica issued a profit warning on its fiscal first
quarter, said its president and chief executive had resigned, and
announced it would cut 15 percent of its small work force over the
next six months.
7/10/02
Pluris,
a once promising company, burned through $215 million during the
past few years as it attempted to build a high-end router that was
intended to outclass similar products from competitors such as Juniper
Networks and Cisco Systems. Now Pluris has ceased operations and
turned its assets over to San Francisco-based Sherwood Partners,
which will sell them for the benefit of creditors, according to
a Pluris executive. Pluris had 165 remaining employees that have
been let go as a result of the closure.
7/9/02
Citrix
shares hit a five-year low after the company issued a profit warning
and said it would cut 10% of its work force as it grapples with
weak demand for its software products.
7/8/02
Exabyte is finalizing plans to cut its work force by
about 30%, its second round of jobs cuts announced this year. The
company also expects second-quarter revenue to be slightly lower
than in the first quarter.
7/8/02
EBAY AGREED to acquire PayPal, an online payment
service, in a stock-swap transaction that the companies valued at
$1.5 billion.
