Dot Com News from Week of July 16, 2001
- 7/20/01 - StorageNetworks will toss 220 people out of its company in an attempt to wreak profit by the third quarter.
- 7/20/01 - For the first time in 12 years, Sun Microsystems reported its first quarterly net loss. The company blamed it on a 20% decrease in sales and substantial write-offs.
- 7/20/01 - Cray, Inc. announced that it will eliminate 30 jobs or 3% of its work force, and lowered its second-quarter revenue expectations due to a shift in a supercomputer order.
- 7/20/01 - Clarent, maker of technology designed for net telephony will lay off 270 employees out of its total workforce of 1021 while hiring a new CEO. The company recorded a second-quarter loss of $9.6 million.
- 7/19/01 - Iomega Corp., the maker of Zip and Jaz disks and drives, posted a second-quarter net loss and said it plans to cut as many as 1,100 jobs amid weak demand for its data-storage devices.
- 7/19/01 - Storage Networks, a company that leases data storage capacity to large firms, said it would lay off 220 workers, or nearly 30 percent of its work force.
- 7/19/01 - Cypress Semiconductor Corp. said it plans to cut 650 jobs, or 18.6 percent of its work force, as it posted a second-quarter loss of $18 million. The computer chip maker will reduce its manufacturing work force by 500 people and another 150 in other areas during the third quarter. The company employs 3,500 people worldwide.
- 7/19/01 - Crown Castle International, a Houston wireless infrastructure firm, said it would eliminate 275 jobs as part of a restructuring plan to better align costs with anticipated revenue.
- 7/18/01 - American Express Co. said it will cut up to 5,000 additional jobs as it reacts to economic weakness the financial-services company expects to persist through early 2002.
- 7/18/01 - Albertson's Inc., the nation's second-largest supermarket and drugstore chain announced a 15% to 20% reduction in corporate and administrative staff and the closure or sale of 165 underperforming stores, or 6% of its total stores.
- 7/18/01 - Safeco plans to cut 1,200 jobs, or 10 percent of its staff, as part of a cost-cutting effort to make the insurance company more profitable. Safeco will cut 600 jobs this year, including 250 at its corporate headquarters in Seattle, and will lay off another 600 employees in 2002 and 2003.
- 7/18/01 - Handspring maker of handhelds, met lower sales expectations and will be laying off 40 of its 460 employees or about 9 percent. Handspring posted a loss of $32.4 million excluding charges.
- 7/18/01 - Eprise Corporation, a leading provider of content management solutions, announced the company had completed a 20 percent reduction in force as part of its ongoing effort to balance revenues and expenses. The reduction affected approximately 40 people.
- 7/18/01 - The 9th Circuit Court of Appeals in San Francisco decided Napster can temporarily resume its file-swapping service. This ruling overrides a previous ruling blocking Napster from operating.
- 7/18/01 - Get out your wallet if you want online access to the full Encyclopaedia Britannica. Britannica.com will soon start charging $5 a month, or $50 a year, for access to the full encyclopedia, which has been available for free online since the site launched in October 1999.
- 7/17/01 - Bicycle maker Huffy Corp. has agreed to pay more than $60 million for the trademark and other assets of competitor Schwinn/GT Corp., which announced that it has filed for bankruptcy protection. Boulder, Colo.-based Schwinn is one of the most widely recognized brand names in the world and will strengthen Huffy, said Don Graber, Huffy's chairman, president and chief executive.
- 7/17/01 - Voice portal company Tellme laid off close to 16 percent of its work force last week, as the company moved to focus on a narrower range of potential customers. Tellme still offers free, voice-activated, Web-like information services through its voice portal service, available by calling a 1-800 telephone number. About 41 employees, out of a total of 248, were laid off, a spokeswoman said.
- 7/17/01 - Philips Electronics reported on a large loss in the second quarter and it will slash up to 5,500 more jobs to offset a slowdown in the global economy. The consumer electronics giant also said it doesn't expect a recovery in the semiconductor market, traditionally its most profitable unit, before 2002.
- 7/17/01 - Coca-Cola Enterprises, the world's largest Coke bottler, announced plans to cut 2,000 jobs - about 3 percent of its worldwide work force - in its North American operations. Coca-Cola owns about 40 percent of Coke Enterprises.
- 7/17/01 - The nation's largest basket maker, Longaberger Co., said that it will cut 800 jobs, about 10 percent of its work force. The company will cut jobs at its basket-making operations in nearby Frazeysburg and Hartville, effective Sept. 21. About 500 of the workers to be laid off make baskets, and 300 are support staff. Longaberger, which laid off 400 workers in March, has 8,000 employees.
- 7/16/01 - Digital Lighthouse Corporation, a provider of Technology integration and Operations services, said that the Company has voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
- 7/16/01 - Comdisco Inc., which has yet to recover from last year's technology-stock crash, said it is selling its technology services business for $610 million to Hewlett-Packard Co., cutting 200 more jobs and filing for federal bankruptcy protection.
- 7/16/01 - Web-based healthcare technology company CyberCare unveiled a cost-cutting plan to reduce expenses by more than 25 percent annually. The company said more than $6 million in savings will come from layoffs, a realignment of personnel, less use of outside consulting services and reduced administrative costs. CyberCare also unveiled a 10 percent voluntary salary deferral for all staff earning more than $60,000 annually. The number of pink slips it plans to dispense was not disclosed.