Circuit City Announces 155-Store Closure; Palo Alto and Fremont Stores Included
November 3, 2008
After weeks of speculation, Richmond, Virginia-based Circuit City (CC: 0.10 0.00%) today announced it will be closing 155 stores in an effort to shore up its balance sheet. It will also seek to renegotiate its leases on the remaining 550 stores it will have. The company is closing stores which averaged $9M in annual sales, [...]
Read More >>Symantec Announces Layoffs; 5% Cut Expected
November 1, 2008
Symantec (SYMC: 14.30 0.00%) is the latest Silicon Valley company to announce layoffs. The Cupertino based software company missed its 3rd quarter earnings and revenue numbers, set the expectation for lower numbers going forward, and announced its intention to scale back headcount expenses by 4.5%.
We have heard that the actual cuts at Symantec will be [...]
Tesla Motors Needs a Charge; No FDIC Insurance
October 31, 2008
Since signing a deal in September with the City of San Jose to build a car factory in North San Jose (which I was critical of), Tesla last week announced that it will be laying off an unknown number of employees, putting its plans for the North San Jose factory on hold, and closing some [...]
Read More >>Electronic Arts and Motorola Announce Layoffs
October 31, 2008
The layoff trend continues as companies try to reign in costs and get in front of the economic “problem”. Small companies continue to cut staff, but the big ones this week were from Motorola and Electronic Arts. Motorola announced it will be laying off 3,000 employees and Electronic Arts 600. Electronic Arts maintains its headquarters [...]
Read More >>Yahoo! To Axe 1500 Employees By Year-End; Consolidate Facilities
October 21, 2008
Yahoo! released its Q3 earnings numbers today, and along with it announced plans for a significant headcount reduction by year’s end. Yahoo! currently employs about 15,200 employees. What is interesting is that even before these layoffs take place, Jerry Yang, Yahoo’s CEO, left the door open for additional cuts by indicating that “This is the first [...]
Read More >>EBay Announces Layoffs - 10% or 1,000 Employees To Go
October 6, 2008
After a month of layoff rumors were flying around at EBay, EBay has finally confirmed them in the form of a 10% reduction in its workforce. It’s unclear where all the layoffs will occur, but given that EBay is fairly centralized in the Bay Area (unlike HP’s EDS layoff announcement), at least some of those layoffs [...]
Read More >>HP to Cut 24,600 Jobs Over Next 3 Years
September 16, 2008
Hewlett Packard announced that it will cut nearly 25,000 jobs over the next three years as it integrates Electronic Data Systems (EDS). Most of the job cuts will likely be from beyond Silicon Valley, but the jobs cuts still amount to nearly 8% of the combined companies workforce.
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