With so much in the news about job cuts and closures of well-known dot com companies, we at SearchtheWeb.com thought we would track these companies and Internet related sites and provide you with updated short news announcements on their status.

Dot Com News from Week of September 16, 2002

9/22/02 Software maker Peregrine Systems Inc. filed for Chapter 11 bankruptcy and said it planned to bring a $250 million lawsuit against its former auditor, Arthur Andersen LLP, blaming it for Peregrine's dire financial condition. 9/20/02 Beleaguered telecom equipment group Alcatel cut its sales outlook on Friday and announced plans to ax around 20,000 more jobs in its drive to return to profit in a deteriorating market. The job reductions include some 10,000 positions Alcatel decided to cut in June but never officially announced. The cuts come on top of some 30,000 job losses already earmarked for 2001 and 2002, as spending on equipment by cash-strapped telcom companies remains miserably low. 9/20/02 Ciena has become the latest telecommunications equipment maker hit yet again by customer spending cutbacks, saying it will ax about 17 percent of its work force and take a charge. The Linthicum, Md.-based optical network equipment maker said it expects to take a charge of $75 million to $80 million in its fiscal fourth quarter related to the 450 job cuts, lease terminations, lease costs, and property and equipment write-downs. 9/18/02 Verity, Inc., a leading provider of infrastructure software powering corporate intranets and e-commerce sites as well as e-business applications, today announced the elimination of about 50 positions within the company, or about a 12 percent reduction. 9/18/02 General Magic plans to shut down operations and liquidate assets after it couldn't secure additional financing. The company developed technology for GM's OnStar driver-assistance systems. 9/17/02 Alcatel Optronics said it will slash its work force by two-thirds in an effort to offset falling revenue and adjust to a further deterioration in market conditions. 9/17/02 Nokia, the world's largest cell phone maker, said that it will lay off some 300 people in its networks operations, mostly in Finland. The cuts represent 1.6 percent of its worldwide networks work force. 9/17/02 Charles Schwab Corp. announced it will cut about 10 percent of its work force - roughly 1,880 jobs - as the discount and online brokerage continues to struggle with weak trading volumes. 9/16/02 Global Crossing filed a reorganization plan Monday that the fiber optic network firm said would allow it to emerge from bankruptcy protection by early 2003. 9/16/02 Bankrupt WorldCom Inc. said it plans to cut its work force in Europe, the Middle East and Africa by about 2,000 members - to 6,000 people. 9/16/02 Deutsche Telekom plans to cut thousands of jobs in its T-Systems unit as Europe's largest telecom group struggles to pare debt.

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