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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.
11/16/02
SpectraSite Holdings, one of the country's largest cellphone tower operators, officially filed for bankruptcy protection after announcing a prepackaged reorganization plan earlier this month. In one of the largest bankruptcy cases in state history, the Cary-based company listed assets of $742 million and liabilities of $1.74 billion in its filing Friday in federal court.
11/15/02
Western New York-based Endicott Interconnect Technologies, a subsidiary of IBM, has started laying off people just two weeks after officially opening for business. About
10% of the workforce, or 200 employees, would be laid off Friday, according to James
McNamara Jr., the president and CEO. Endicott was formed to acquire IBM's ICP operations in Endicott. ICP manufactures various types of electronic products including circuit boards and chip carriers.
11/14/02
AMD plans to eliminate about 2,000 jobs, or 15% of its work force, by the middle of next year. The chip maker had said previously that deep cuts were planned.
11/14/02
Sprint's wireless unit plans to lay off about 1,600 employees, or 6% of its work force, and let go 500 contractors. It has struggled with customer churn.
11/14/02
With its flagship Comdex conference set to begin in just three days, trade show promoter Key3Media warned Thursday that the company may soon need to file for bankruptcy protection. In a statement accompanying its quarterly earnings, Key3Media said that it does not believe its existing capital structure is sustainable. The company said it will look at alternatives, such as raising additional capital, selling the company or finding a merger partner, as well as potentially filing for Chapter 11 bankruptcy protection.
11/14/02
Inktomi Corp. said it agreed to sell its corporate-search assets for $25 million in cash and assumption of certain liabilities to Verity Inc. The move will shed 100 more workers from Inktomi's already whittled work force of about 270 employees. Verity officials said they plan to hire about 40 of the departing workers from Inktomi, whose division handled technology needs for running searches within corporate computer networks.
11/14/02
i2 Technologies Inc. will lay off about 500 employees, paring its work force of 3,350 employees by 15% in an effort to swing to a profit by the second quarter of next year,
11/14/02
Advanced Micro Devices Inc. said it plans to eliminate about 2,000 jobs, or 15% of its work force, by the middle of next year. AMD notified 1,000 affected employees Thursday. The company said the cuts were made across AMD operations in the U.S., Europe and Asia.
11/14/02
Merrill Lynch & Co. has eliminated five research analyst positions and shuffled coverage of several technology companies as it continues to trim costs.
11/14/02
Wall Street securities firm Lehman Brothers Holdings Inc. this week is letting go approximately 500 employees, 4% of its staff, including high-profile stock-market strategist Jeffrey Applegate.
11/13/02
iVillage Inc., the Internet media company aimed at women, reported that it cut 10% of its staff because of the prolonged advertising slump. The New York-based company, which
unveiled an Internet access service last month, also said it would cut about 30 jobs and take a $600,000 restructuring charge in the fourth quarter.
11/13/02
Cable & Wireless PLC's shares dropped by about one-third as investors fretted that the global telecommunications company's latest plan to slash costs may not be radical enough to stop a rapid outflow of cash. As part of a long-awaited strategic rethink, the company said it will eliminate 3,500 jobs and focus on services to multinational companies. C&W said it will close the part of its U.S. operations geared to smaller, domestic companies, citing stiff competition and falling prices.
11/13/02
WorldCom announced another round of layoffs -- 390 of the 1,800 employees in the company's Asian operations are being let go.
11/12/02
Cypress Semiconductor Corp. confirmed that it is in the process of reducing its work force by 307 employees under a previously announced restructuring plan. The company anticipates having a total of 3,781 workers following the reduction, which is expected to be completed by the end of the fourth quarter. A company representative said Tuesday the reductions included 50 voluntary job cuts.
11/12/02
Charles Schwab completed last month staff reductions totaling about 1,750 jobs and eliminated about 150 contractors, following through with a push to cut costs.
11/12/02
Research In Motion is cutting 10% of its work force, or about 220 workers, in an effort by the BlackBerry maker to achieve profitability.
11/11/02
Morgan Stanley plans a new round of job cuts that could reduce the ranks of its brokers who serve individual investors by about 5%.
11/11/02
U.S. microchip and electronics testing equipment maker Agilent Technologies Inc. said it will lay off 200 employees in Singapore, or 7% of its local work force, by the end of December.