8/16/02
Scientific-Atlanta is cutting its work force by about 6%
as it copes with what has been a difficult year for the cable and
Internet businesses.
8/15/02
Talk City
shuttered its site last week after filing for Chapter 7 bankruptcy
several days earlier.
8/15/02
Autodesk's
net income slipped 39% in its second quarter amid an 8.6% drop in
revenue. The software maker also cut its full-year earnings forecast
and said it will dismiss 250 workers, or about 7% of its work force.
8/15/02
UPC
warned that it may have to file for bankruptcy protection if the
European cable company fails to reach a final deal on restructuring
its debt.
8/14/02
UAL said it is preparing to file
for Chapter 11 this fall unless it wins big concessions from labor,
lessors and other stakeholders within 30 days.
8/14/02
Agere will cut about 4,000
jobs, or about 36% of the communications-equipment maker's work
force, as it exits the optoelectronics business.
8/13/02
American Airlines plans
a sweeping overhaul as it struggles to end its huge losses. The
moves, which will include large layoffs, grounding additional jets
and changing the way the carrier connects passengers, mark a significant
shift in management's focus to maximize efficiency instead of revenue.
8/13/02
International
Business Machines Corp., cutting about twice as many employees
as expected amid the technology slump, said it laid off 15,613 employees
during the second quarter, or about 5% of its global work force.
8/13/02
Ames
Department Stores Inc., after a yearlong struggle to emerge
from bankruptcy protection, may have little choice but to throw
in the towel. The retailer's creditors' committee has asked a bankruptcy-court
judge for permission to liquidate the company's inventory in all
of its 327 stores and its warehouse distribution centers.
8/12/02
US Airways Group, carrying too much debt and too few
passengers, filed for bankruptcy-court protection, the first big
airline to do so since the Sept. 11 terrorist attacks.
8/12/02
Ziff Davis said it has successfully completed a financial
restructuring that will allow it to avoid filing for bankruptcy
protection.
8/12/02
BellSouth job cuts of up to 3,000 positions -- on hold
since May -- are getting started. The Atlanta telecommunications
company wants to eliminate the management positions by the end of
October, mostly by asking for volunteers. On Aug. 23, thousands
of employees will receive offers to give up their jobs in exchange
for severance packages worth up to 150% of current salary. They
must decide by Sept. 6 whether they want to stay or go.
8/12/02
Discount broker Charles Schwab said that it will
lay off 375 employees, or about 2 percent of its staff, and close
its Austin, Texas, customer service center.