Subscribe to Dollars & Sense magazine. Recent articles related to the financial crisis. Unemployment (Including Closures and Layoffs)Two more unemployment items:
Labels: closures and layoffs, jobs, Mark Heschmeyer, Massachusetts, unemployment Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures and Layoffs (Feb. 22-28)From Mark Heschmeyer of the CoStar Group:Nationwide: The Goodyear Tire & Rubber Co. is taking aggressive action to reduce tire production and cut costs by approximately $700 million in 2009. Actions include further reducing personnel levels by nearly 5,000 in addition to almost 4,000 reductions in the second half of 2008 and freezing salaries. In addition, Goodyear plans to eliminate between 15 million and 25 million units of additional manufacturing capacity worldwide over the next two years. Local: [There's a long table listing company, location, whether it's a closure or a layoff, how many workers are involved, and when it will happen—very useful, but the table won't transfer to blogger. Click here for the full report.] Labels: closures and layoffs, Goodyear Tire, Mark Heschmeyer, unemployment Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures and Layoffs (Feb. 8-14)The latest from Mark Heschmeyer at CoStar Group.A Weekly Report on Future Corporate Downsizings By Mark Heschmeyer | February 11, 2009 Nationwide * Bashas' Supermarkets, the Chandler, AZ-based operator of AJ's and Food City grocery stores laid off about 350 full- and part-time workers statewide. The layoffs represent less than 3% of the firm's total workforce and were spread throughout the grocer's operations, including administrative offices, distribution centers and its network of retail stores. * Brooks Automation Inc. based in Chelmsford, MA, is in the process of restructuring its operations. Brooks will be combining its formerly separate vacuum pump and robotic product groups into a single Critical Solutions Group. This move will simplify the company's organizational structure, reduce facility and overhead requirements and more effectively leverage the overall capabilities of the two Chelmsford, Massachusetts-based groups. The company expects to eliminate approximately 350 additional positions which will reduce the global workforce by about 20%. In the quarter ended Dec. 31, 2008, Brooks reduced headcount by about 10% in response. * EntreMed Inc. entered into a lease amendment with its landlord, Red Gate III LLC, for its headquarters at 9460 Medical Center Drive in Rockville, Md. The material terms of the amendment include a reduction in the space occupied by the company from 46,267 square feet to 8,554 square feet and a 12-month extension to Feb. 28, 2010. The company's monthly rent has been reduced from approximately $85,000 to $16,288. The Lease Amendment also provides that the company may use other portions of the premises at no additional cost. * Ferro Corp. based in Cleveland, OH, is eliminating about 700 positions around the world, which would reduce total employment by approximately 12%. It also continues to consider additional staff reductions. * Hollis-Eden Pharmaceuticals Inc. based in San Diego, CA, is implementing an aggressive cost-cutting plan. The company is reducing its workforce by approximately 33%, or 20 employees, as well as freezing salaries and suspending bonuses for all company employees, including the company's executive officers. * King Pharmaceuticals Inc. based in Bristol, TN, announced restructuring and workforce reduction initiatives arising from its recent acquisition of Alpharma Inc. The actions will result in a total workforce reduction of approximately 22% or approximately 760 positions. Approximately 240 of these reductions are corporate positions associated with synergies from the Alpharma acquisition. Of the other 520 approximately 380 are field sales positions and approximately 140 are corporate positions. * Liz Claiborne Inc. is implementing additional cost reduction initiatives, including the elimination of approximately 725 positions or 8% of its U.S. workforce, the previously reported closing of its distribution center in Mt. Pocono, PA and the suspension of merit pay increases for all employees. Since 2007, the New York-based company has closed six distribution centers, eliminated about 2,200 global staff positions, and streamlined its brand portfolio by selling, closing or licensing 14 of its brands. * Magma Design Automation Inc., a San Jose-based provider of chip design software, announced a series of actions designed to reduce operating costs, including a 17% cut in worldwide employment, salary reductions and consolidation of some facilities. * Panasonic is cutting 15,000 jobs or 5% of its 300,000 workforce. Panasonic is shutting 27 manufacturing sites around the world in a drive to cuts costs and adjust output. * Pep Boys - Manny, Moe & Jack, the Philadelphia-based auto parts retailer, will implement approximately $20.1 million in pre-tax cost reduction initiatives. These initiatives include the elimination of approximately 50 positions, representing 11% of the store support workforce. * Pier 1 Imports Inc. based in Fort Worth, TX, has begun negotiating with landlords to achieve rental reductions across the chain. These negotiations may lead to the execution of early termination agreements for up to 125 underperforming store locations, if rental reduction negotiations on those locations prove unsuccessful. The company has engaged an outside firm, DJM Realty, to assist in completing these negotiations by the end of May 2009. * Rogers Corp. based in Rogers, CT, announced a cost reduction initiative that includes a workforce reduction that combines both voluntary and involuntary terminations and will affect about 200 of its salaried staffing worldwide or about 10%. In addition to the workforce reduction, the company is freezing salaries, and significantly reducing other operating and overhead expenses. Read the rest of the report (which is a chart with local closings/layoffs). Labels: closures and layoffs, financial crisis, Mark Heschmeyer, recession Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures & Layoffs (Feb. 1-7)From Mark Heschmeyer at CoStar.2008's Brutal Layoff Count A Weekly Report on Future Corporate Downsizings By Mark Heschmeyer |February 4, 2009 In this week's issue: * Sacked: 2008's brutal tally of job losses. * Macy's cuts workforce by 3.9%; reduces capital expenditures; reorganizes. * Starbucks closing 300 more stores; cutting 6,700 jobs. * Plus, a whole new round of major U.S. corporation closures and layoffs were announced in California, Florida, Georgia, Illinois, Indiana, Michigan, Mississippi, Nevada, New Jersey, Ohio, South Dakota, Tennessee, Texas, Virginia and Washington. Read the rest of the report. Labels: closures and layoffs, Mark Heschmeyer, unemployment Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures and Layoffs: Jan 25-31From Mark Heschmeyer at CoStar.Caterpillar, Microsoft, Home Depot Layoff Tally Tops 32,000 A Weekly Report on Future Corporate Downsizings By Mark Heschmeyer | January 29, 2009 In this week's issue:
Read the rest of the report. Labels: closures and layoffs, Mark Heschmeyer, unemployment Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures and Layoffs: Jan 18-24The latest from Mark Heschmeyer of CoStar.Closures & Layoffs (Jan. 18-24); After Holiday Retail Layoffs Begin A Weekly Report on Future Corporate Downsizings In this week's issue:
Read the full report. Labels: closures and layoffs, Mark Heschmeyer Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures and Layoffs (Jan. 11-17)From Mark Heshmeyer at CoStar Group.In this week's issue:
Read the full report, but the "To the mat" section is worth posting here in full: To the Mat World Wrestling Entertainment in Stamford, CT, is throwing 10% its staff to the mat and counting to three. This reduction of about 57 employees will result in annual savings of about $8 million and doesn’t count any of its wrestlers, who are independent contractors. In addition to staffing, the company has completed a comprehensive evaluation of its operating and capital expenditures and has identified additional efficiencies, but did not go into detail. Labels: closures and layoffs, Mark Heschmeyer, recession, World Wrestling Entertainment Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures & Layoffs (Dec. 14-20)The weekly report from Mark Heschmeyer of the CoStar Group. See Mark's note below on looking elsewhere on the CoStar site for holiday cheer--we didn't find much (it is a real-estate site, after all). Actually, the estimate that there are only 116,000 layoffs reported so far for December makes the month look better than November, when there were 533,000 jobs lost. Then again, that was after they were revised upwards by 1/3, as December's numbers surely will be as well.Corporate Downsizings Outpace Expansions 4-to-1 High Job Losses Bode Ill for Commercial Real Estate Absorption By Mark Heschmeyer | December 18, 2008 If you're hoping for a dose of holiday cheer, you may want to skip this for another CoStar News item. This week, we tallied the job cuts announced so far this month and made some back-of-the-envelope estimates on the impact all the cuts could have on the real estate market. Corporations have announced more than 116,270 job cuts so far this month. Assuming each eliminated position represents an average per employee of 250 square feet across all commercial property types, the headcount reductions represent the potential vacancy of 29 million square feet of commercial space. In the same time frame, corporations have announced or transacted just 6.44 million gross square feet of major facility expansions or relocations. The continuing high pace of job losses likely spells big trouble for future absorption this quarter and further dims the outlook for office and industrial space absorption next year. What follows is a list of the major layoff and closure announcements the major corporations have announced since Dec. 1 through close of business Wednesday Dec. 17. Click here for the list. Labels: closures and layoffs, downsizing, jobs, Mark Heschmeyer, US employment Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures & Layoffs (Dec. 7-13)The weekly report from Mark Heschmeyer of the CoStar Group.By Mark Heschmeyer | December 11, 2008 Closures & Layoffs (Dec. 7-13): Job Losses by Industry A Weekly Report on Future Corporate Downsizings In this week's issue: * Job losses large and widespread. * Plus, a whole new round of major U.S. corporation closures and layoffs were announced in Alabama, Arizona, California, Connecticut, Florida, Georgia, Indiana, Iowa, Kentucky, Minnesota, North Carolina, Oregon, South Carolina, Texas, Washington and Wisconsin. Read the rest of the article. Labels: closures and layoffs, co-star group, Mark Heschmeyer Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures & Layoffs, 11/30-12/6/08The latest of Mark Heschmeyer's weekly reports on corporate downsizing, from CoStar.This week's report, succinctly and aptly named "Sheeeeet!" focuses on the collapse of new housing construction, including its effects on sheetrock and wallboard manufacturers. Plus, layoffs at Citigroup, Chase Home Lending, Conagra, Electronic Arts, International Paper, and many other major U.S. corporations across the country. Read the full report. Heschmeyer also writes a weekly report on the real estate property and credit markets, which includes a list of property loans in danger of default. This week's issue begins: Words of wisdom that apply well beyond the real estate market, to be sure. Labels: closures and layoffs, Mark Heschmeyer, real estate market, recession Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures & Layoffs (Nov. 16-22)Mark Heschmeyer's weekly report, from CoStar.Layoffs Hit Sun, AMD and Other Tech Firms A Weekly Report on Future Corporate Downsizings In this week's issue: We give you the latest announcements of major U.S. corporation closures and layoffs including Advanced Micro Devices, Alcoa, Amylin Pharmaceuticals, Brunswick Corp., Comsys IT Partners, Imation, Intersil, Metaldyne, MGP Ingredients, Sun Microsystems, Weyerhaeuser and additional closings in Texas, Wisconsin and Washington. Read the rest of the report. Labels: closures and layoffs, Mark Heschmeyer, recession Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures & Layoffs (Nov. 9-15)Mark Heschmeyer's weekly report, from CoStar. We'd heard about the DHL layoffs from our UPS driver. The NYTimes just reported one round of layoffs not mentioned here: up to 6,000 at Sun Microsystems: Crisis Spreads to Tech Sector as Sun to Cut Work Force.A Weekly Report on Future Corporate Downsizings In this week's issue: * DHL cutting 9,500 U.S. jobs. * Motor home, RV dales running out of gas. * Fidelity Investments layoffs not 'mutually' exclusive. * Plus, a whole new round of major U.S. corporation closures and layoffs were announced in: Alabama, Connecticut, Florida, Georgia, Indiana, New Jersey, Ohio, Pennsylvania, Utah and Virginia. Read the full report. Labels: closures and layoffs, DHL, Fidelity Investments, Mark Heschmeyer, Sun Microsystems Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures & Layoffs (Nov. 2-8)Mark Heschmeyer's weekly report, from CoStar.Another Week, Another Round of Fortune 500 Layoffs A Weekly Report on Future Corporate Downsizings In this week's issue: * CEO turnovers skyrocket. * Plus, a whole new round of major U.S. corporation closures and layoffs were announced this week including such firms as American Express, ArvinMeritor, Ball Corp., Centerline Holding Co., Columbia Sportswear Co., Cooper Tire & Rubber, Dell, Drew Industries, IWCO Direct, Maxim Integrated Products, Motorola, NBC Universal, Tenneco, Time Inc., Washington Post, Worthington Industries and others. Read the full report. Labels: closures and layoffs, financial crisis, Mark Heschmeyer, recession Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures & Layoffs (Oct 26-Nov 1)From Mark Heschmeyer's weekly report at CoStar Group.A Weekly Report on Future Corporate Downsizings) Fortune 500s Sharpen Their Axes In this week's issue: * Fortune 500 cutting staff, contemplating new round of closings, consolidations. * Plus we report on company closures and layoffs in: California, Florida, New York, Oregon, Virginia and Wisconsin, which includes 48 new announcements in California. Read the full report. Labels: closures and layoffs, financial crisis, Mark Heschmeyer, recession Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). Closures & Layoffs (Oct. 19-25)Hat-tip to Bob Feldman for letting us know about the excellent regular updates on layoffs and closures from Mark Heschmeyer of Co-Star Group. We hope to link to this every week, starting this week.Closures & Layoffs (Oct. 19-25): Canning Plants: We're Not Talkin' Vegetables A Weekly Report on Future Corporate Downsizings In this week's issue: * Pepsico to can six plants. * Tesla Motors is pulling the plug in Michigan. * Lear to cut costs through next year. * Plus we report on company closures and layoffs in: Alabama, Connecticut, Iowa, Maryland, Michigan, New Jersey, Ohio, Virginia, Washington and Wisconsin, which includes BuildersFirst exiting New Jersey. Read the whole report. Labels: closures and layoffs, co-star group, Mark Heschmeyer, recession Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). |
