1/3/03
AOL Time Warner label
Atlantic Records is set to lay off at least 12 staffers out
of 250 as it looks to restructure following a miserable year in
the music industry.
1/3/03
Vignette Corp. said it expects
to exceed its previous revenue targets, and anticipates laying off
about 20% of its work force in connection with its recent Epicentric
acquisition. The company also expects that the staff reductsions
-- which will include a loss of about 220 employees from a total
headcount of 1,100 -- will likely result in an unspecified charge
in the fourth quarter.
1/3/03
Shares of Cadence Design Systems
Inc. dropped sharply after the company slashed its estimates
for the 2002 fourth quarter, citing a greater percentage of subscription-license
product bookings than expected. Cadence, which has been restructuring
its operations since 2001, also disclosed additional layoffs. After
dismissing 830 employees in the first nine months of 2002, Cadence
fired an additional 400 employees in the fourth quarter. It had
about 5,200 workers at year end.
1/3/03
United Airlines will furlough nearly 1,500 employees,
or 14% of its current management and salaried staff, by Jan. 28
as part of its ongoing Chapter 11 reorganization efforts. In addition,
United said it would close its remaining 32 city ticket offices
resulting in furloughing 188 employees.
1/2/03
Qwest Communications International Inc. has notified
union officials it plans to cut 320 jobs in five states, including
150 positions in Colorado, in the next three months. The phone company's
management said Monday the cuts in Colorado, Wyoming, Nebraska,
Iowa and Utah are in response to weak demand for phone service.
1/2/03
DSL provider Southwestern Broadband Holdings, formerly
known as IP Communications, this week revealed that it is
being forced into Chapter 7 bankruptcy by its creditors. Firms filing
for Chapter 7 bankruptcy are usually dismantled and sold off to
pay creditors. Southwestern Broadband serves about 7,000 residential
and business customers in Kansas, Missouri, Oklahoma and Texas.