Dot Com News from Week of December 10, 2001

• 12/14/01 - PurchaseSoft, Inc. announced that it is downsizing its workforce in an effort to reduce costs. The lay-offs are effective immediately and result in an approximate 50% reduction in PurchaseSoft's total workforce. The lay-offs include employees in sales & marketing, customer support, administration and research & development.
• 12/14/01 - Startec Global Communications Corporation, a facilities-based provider of Internet Protocol communication services, including voice, data and Internet access announced that it, along with two of its U.S. based subsidiaries, Startec Global Operating Company and Startec Global Licensing Company, have filed voluntary petitions for Chapter 11 reorganization with the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division.
• 12/14/01 - Netgraphe said it will cut 70 jobs, or 25 percent of its work force because of tough times on the Internet-related markets. The Web editor, controlled by communication and media conglomerate Quebecor, said the cuts will be made throughout its recently downsized network of online sites in Montreal, Toronto, Calgary, London and Madrid.
• 12/14/01 - Ford Motor is considering laying off up to 1,000 workers at its Atlanta and Louisville assembly plants as part of its cost-cutting efforts.
• 12/14/01 - Excite At Home as it prepares for a shutdown on February 28, 2002, announced it was tossing out another 400 employees or about 30% of its current operation as it tries to save money. Last September, the company filed for Chapter 11 bankruptcy protection.
• 12/14/01 - Electronics manufacturer ITT Industries said it is going to eliminate 3,400 positions or 8% of its workforce. The company is blaming a slowing of the electronics market and had previously laid off 800 employees.
• 12/14/01 - BellSouth announced it will eliminate another 1,200 people during the first quarter of next year due to a decrease in business because of the economy. The company will see its nonmanagment employees ousted in its network-operations department. BellSouth hopes to achieve much of the cuts via voluntary reductions.
• 12/13/01 - Online publisher MightyWords Inc. will close in January, becoming the latest in a series of such ventures to fold. Twenty-three employees will lose their jobs, and anyone with texts being distributed by MightyWords will be referred to Barnes & Noble.com Inc., which owns about half of the company. MightyWords was the publishing house whose founder helped inspire Stephen King to write for the Internet.
• 12/13/01 - Healthcare provider Aetna will toss 6,000 people out the window or about 16% of the total workforce. The company has seen its memberships decline and wanted the payroll to reflect this. 4,400 people in all will be laid off with 1,600 lost through attrition.
• 12/13/01 - Qwest Communications, citing a weak economy, has slashed 7,000 jobs and lowered its revenue outlook. The company has seen its stock plummet more than 75% the past year and analysts do not seem to suggest a quick rebound is promising.
• 12/12/01 - LastMinuteTravel.com which focuses on selling discount travel packages, has let 66% of it staff go leaving a tiny crew of 10 people. The company along with many other online travel booking companies has seen a decline in business since September 11.
• 12/12/01 - Financial services company American Express announced it plans to cut between 5,500 and 6,500 jobs or around 15% of its total workforce. About 50% of the cuts will be in its travel businesses which have been affected by the events of September 11. Earlier in the year, American Express laid off 7,700 people.
• 12/12/01 - Applied Materials said it will eliminate 10% of its workforce or about 1,700 positions as the semiconductor industry continues to suffer. 450 workers in Silicon Valley and 600 in Austin, Texas will get the boot. After the cuts, the company will be left with about 15,000 workers.
• 12/11/01 - Software maker Comverse Technology Inc. announced plans to lay off 900 workers, or about 15% of its staff, as it posted a sharp decline in third-quarter profit.
• 12/11/01 - Kroger Co., a grocery company hobbled by a weak economy, lowered its fourth-quarter earnings forecast and said it will cut 1,500 jobs in the next year at a pretax cost of $85 million to $100 million.
• 12/10/01 - Rooster.com, a leading agricultural e-business Web site targeted at farm services, said that it would cease operations immediately because it was unable to secure additional funding. We regret to inform you that effective today Rooster.com will cease operations," a note on its Web site read Monday. "In this tough economic climate, we are unable to secure additional funding."
• 12/10/01 - Delphi Automotive Systems will dump 1,400 employees as they expect the U.S. automotive market to go downhill next year. The company which manufactures car parts plans to make the cuts via "voluntary incentive separation" such as retirement plans. This is part of a restructuring initiative which begun in March which including eliminating 11,500 jobs or approximately 5% of its workforce.
• 12/10/01 - London cable-television operator NTL Inc. announced it will eliminate 2,000 of its 15,000 workers as it worries about running out of funds. The company will also freeze pay for all managers among other cost-cutting measures. NTL sliced off 7,000 workers recently in a previous round of cuts.