Items tagged with Layoffs

It’s never a good sign when a company is trying to raise money using strategies that don’t include selling its products for a profit, but that’s where AMD is these days. The chipmaker is reportedly looking to sell off its Austin, Texas facility to generate cash; the plan is apparently to lease the facility back from the new owner, whoever that might be. AMD told Reuters that it hopes to get between $150 million and $200 million for the 58-acre property, closing a deal sometime before the end of Q2 2013. This isn’t the first time AMD has employed this strategy; the company has done the sell-and-lease-back dance with facilities in Toronto and California. AMD's Austin campus... Read more...
Lexmark has been a mainstay in the inkjet printer business for as long as we can remember, so it comes as a bit of a shock that the company is bowing out of the segment as part of an aggressive restructuring plan to cut costs. By ceasing development and manufacturing of inkjet hardware, Lexmark estimates it will save some $95 million annually. "Today's announcement represents difficult decisions, which are necessary to drive improved profitability and significant savings," said Paul Rooke, Lexmark chairman and chief executive officer. "Our investments are focused on higher value imaging and software solutions, and we believe the synergies between imaging and the emerging software elements of... Read more...
As AOL looks to the future following its $315 million acquisition of the Huffington Post, a good chunk of the old regime will be left behind. AOL is in the process of handing out around 900 pink slips, which represents 20 percent of the company's workforce. All affected employees have already been notified, who according to All Things Digital, will be receiving four weeks of severance pay plus an additional week for each of service. So what comes next for AOL? In a memo titled "AOL's Next Step," company CEO Tim Armstrong called this a "critical step on the comeback trail for AOL," adding that they're "creating a next generation hyper-local, national, and global media company." We're not sure... Read more...
The music industry dealt what appeared to be a fatal blow to LimeWire by winning a court injunction against the peer-to-peer file sharing service. Desperate to keep the ship afloat, however, LimeWire CEO George Searle confirmed that the company recently laid off 29 of it's 100-person workforce, according to a report in The Wall Street Journal. "Following the court-ordered injunction, we reduced our workforce to extend our runway for bringing our new music service to market," Searle said in a statement. "Letting go of colleagues is never easy. If we could have brought about another solution, we would have." Laying off nearly 30 percent of its workforce should free LimeWire up to make a run at... Read more...
It may be a done deal, but some former Palm employees aren't singing a positive tune after the HP acquisition. In many cases where one company takes over another (or just buys another to integrate), at least a few positions are eliminated. There's usually never a need for two CEOs, and some of the duplication simply can't be dealt with unless some folks are cut. It's an unfortunate truth, and considering just how huge both Palm and HP are, you had to expect that something like this would happen. All Things D is reporting that some Palm employees were cut after the HP deal was officially concluded, but they still aren't sure of exactly how many were sent packing. According to sources, there have... Read more...
As we wrote previously, Microsoft over --- and underpaid --- a number of the 1,400 workers it recently laid-off. After a wave of criticism which occurred after Microsoft asked for the, ahem, overpayment back, Microsoft caved in. Microsoft human resources chief Lisa Brummel said the company had changed course. Twenty-five workers were overpaid and about twenty underpaid, Microsoft said. "I thought it didn't make sense for us to continue on the path we were on. I have called now 22 out of the 25 impacted employees, only because I haven't had time to get to the three, but I will after we hang up."On average, those overpaid received about $4,000 or $5,000 in extra pay. Nothing, obviously, that would... Read more...
Perhaps Microsoft used Excel when they calculated the severance packages of some of the 1,400 workers they recently laid off. At any rate, apparently they made some errors, and are now asking some of those laid-off workers for some of their severance package back.According to a report by TechCrunch, the letters have been sent to more than one person, and it appears some may have even been underpaid. However, no one has been informed as to what went wrong in the calculations (at least via the letter; see below embedded).Severance and a layoff are tough enough for a worker, without something like this happening. Obviously, it's a simple error, but the problem is that a lack of sensitivity on Microsoft's... Read more...
IBM has laid off several thousand people during this recession. However, according to a internal IBM document obtained by CNNMoney, some of the North American employees can still save their jobs --- if they choose to move to another country and work at the local pay rate. In other words, according to the document, these American or Canadian IBM workers can move to any of these countries: India, Nigeria, Russia, Argentina, Brazil, China, Czech Republic, Hungary, Mexico, Poland, Romania, Slovakia, Slovenia, South Africa, Turkey, and United Arab Emirates, as long as they are "satisfactory performers" who are "willing to work on local terms and conditions." Translation: local pay. IBM attempts to... Read more...
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