Posted tagged ‘Job Loss’

Man Survives Hudson River Crash Then Loses Job

April 17, 2009

Frank Scudere thought that all was good in the world when he survived the crash of flight 1549.

Now, Scudere finds himself in the same position as thousands of others across the country,

looking for work.

From MSNBC:

In seat 24B as US Airways Flight 1549 fell silently toward the Hudson River, attorney Frank Scudere did not know that his name was on the list of lawyers that his firm planned to lay off the next morning.

In a one-in-a-million event, Scudere and his fellow passengers survived the plane’s river ditching on Jan. 15, and he walked away with nothing worse than wet clothes. But he could not escape an everyday event that has claimed millions of other victims: He lost his job and found himself questioning his self worth.

Now he’s a 48-year-old unemployed attorney. Like the Biblical Job, who lost and gained everything, Scudere searches for an elusive meaning in suffering and redemption. He’s grateful, a bit angry and reflective. “I don’t feel sorry for myself,” he said. “It just shows the randomness of life, and the inevitability of loss. You can lose, and yet you can still be preserved. I lost my job, and yet I have my life.”

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United Technologies Cutting 11,600 Jobs

March 10, 2009

United Technologies lowered its 2009 profit forecast today and said it expects to cut 11,600 jobs because of a deteriorating commercial aerospace market.

From the Associated Press:

The moves, part of an expanded $750 million restructuring program, are being driven by a decline in expected revenue, which is now seen totaling $55 billion this year, down $2.7 billion from a December estimate.

Analysts polled by Thomson Reuters expected $55.2 billion.

United Technologies cut its 2009 earnings per share forecast to between $4 per share and $4.50 per share, down from its December outlook of $4.65 to $5.15. Analysts, on average, had expected $4.60, according to Thompson Reuters.

Last month, United Technologies Chief Executive Louis Chenevert stood by December’s outlook.

And in early February, as other industrial companies were reducing their profit outlook, Greg Hayes, the company’s chief financial officer, told analysts that United Technologies officials felt “pretty good” about their guidance.

On Tuesday, United Technologies also lowered the amount it would spend on share repurchases this year to $1 billion from $2 billion.

Retail Sales in the US…Rise?

February 12, 2009

U.S. retail sales jumped 1 percent in January, reversing a six-month declining trend and defying economists’ expectations by posting the biggest increase in 14 months.

From the Associated Press:

The data are a glimmer of hope for a recession-hit economy, but higher gasoline prices and sales, and buyers snapping up other items on post-holiday discounts, appeared to aid last month’s results. Analysts cautioned that the relief is unlikely to last.

The Commerce Department reported Thursday that January retail sales rose 1 percent from December after having fallen for six straight months. Wall Street economists surveyed by Thomson Reuters had expected January sales to show a drop of 0.8 percent. They plunged a revised lower 3 percent in December, which marked the weakest holiday selling season since at least 1969.

“This is a big surprise, though the net rise in sales is less impressive than it looks because (December and November) were revised down by 0.3 percent each,” Ian Shepherdson, chief U.S. economist at High Frequency Economics, wrote in a research note. “The headline relief today is welcome but it is unlikely to last.”

The January report shows strong increases in sales of automobiles and in general merchandise stores — the “big box” outlets — though sales by department stores, carrying fewer varieties of items, posted a decline. Wal-Mart Stores Inc., the world’s largest retailer, is an example of a discounter that has benefited from strapped consumers’ focus on necessities like groceries and on bargains for other items.

GM Cuts 10,000 Jobs

February 10, 2009

Will the job cuts ever end in the US?

General Motors  is planning to slash another 10,000 salaried jobs this year, saying the cuts are unavoidable with a government restructuring deadline looming and industrywide sales in one of the worst downturns in history.

From the Associated Press:

The Detroit-based automaker said Tuesday it will reduce its total number of white-collar workers by 14 percent to 63,000. About 3,400, or 12 percent, of GM’s 29,500 salaried U.S. jobs will be eliminated.

Most of the company’s remaining salaried employees will have their wages cut.

In its plan to Congress submitted late last year, GM said it would have to reduce both salaried and hourly positions so that the company could become viable long-term. The company plans to reduce its total U.S. work force from 96,537 people in 2008 to between 65,000 and 75,000 in 2012, but did not specify how many of the surviving jobs will be salaried or hourly.

GM Chief Executive Rick Wagoner, who was meeting with congressional leaders in Washington about global warming legislation, said Tuesday’s announcement is “indicative of the kind of things we need to do to get this viability plan in shape and respond to these tough market conditions.”

GM has dramatically downsized both its salaried and hourly work forces in recent years as the U.S. auto market has shrunk from an annual sales rate of around 16 million vehicles to 13.2 million last year.

Since 2000, GM’s salaried work force has shrunk by 33 percent from its 2000 high of 44,000 people. At the same time, the number of hourly workers has plunged by more than half — to about 63,700 people at the end of last year from 133,000 in 2000.

Most of the cuts announced Tuesday are expected to take place by May 1. GM said the cuts will vary by global regions depending on staffing levels and market conditions.

The company’s statement said there would be no buyout or early retirement packages as GM had offered in the past, but laid-off employees will get severance pay, benefit contributions and other assistance.

Macy’s to Eliminate 7,000 Jobs

February 2, 2009

Macy’s announced Monday that it will cut 7,000 jobs and slash its dividend as the department store chain looks to lower expenses and preserve cash amid a severe pullback in consumer spending.

From the Associated Press:

Cincinnati-based Macy’s said the job cuts, which include some unfilled jobs, will come at offices, stores and other locations. The company currently employs about 180,000 people.

Macy’s had already announced last month that it would close 11 stores, affecting 960 employees, after retailers suffered through the worst holiday season in decades.

Macy’s said it expects the latest job cuts and other actions to lower its selling, general and administrative expenses by about $400 million annually starting in 2010.

The company also slashed its quarterly dividend to 5 cents from 13.25 cents. The dividend will be paid on April 1 to shareholders of record March 13.

Department stores have been especially hard-hit by the poor economy as shoppers turn to discount stores. Last month, department store chain Gottschalks Inc. put itself up for sale and said it had filed to reorganize in a Chapter 11 bankruptcy. Neiman Marcus Group Inc. said it was cutting about 375 jobs.

Macy’s also announced plans Monday to roll out its strategy to localize merchandising to specific markets on a national scale. It began testing the strategy in 20 regional markets last spring.

As part of the restructuring, the company will begin eliminating its Macy’s division structure and integrating all functions into a single organization. Macy’s central buying, merchandise planning, stores senior management and marketing functions will be located primarily in New York.

TIME Magazine in February?

January 30, 2009

Well, I may finally get my shot at fame and fortune! Well, more than likely it will be neither but still this could be a pretty cool event in my life.

I took a little time away from the Caylee/Casey Anthony case (as well as all the other topics that I cover in my spare time) to be interviewed a few months back by a reporter at TIME Magazine.

Well, it turns out the article is going to be published (fingers crossed) for the February 9 issue! Not 100% sure yet if it will be in print or just online but either way, I’m looking forward to it.

Without ruining the story, it’s about families who have come together to find ways to survive the downturn of the economy. As most of you know, my wife and our two children moved in with my in laws in November, 2006. We’ve lived together since then and it has been very beneficial to us all. Bills and rent are paid and the in laws get to see their grand kids every day. Nothing wrong with that.

We have a photo shoot scheduled for 9 a.m. (PT) tomorrow so that should be exciting. I’ll have to give an update when I find out confirmation on the issue date. I’ve been told February 9, but we’ll see…

Anyways…Hope you all have a great night! And make sure to check out TIME when our inclusion appears 🙂

NEC to Cut 20,000 Jobs

January 30, 2009

Japanese electronics giant NEC  said today that it will cut 20,000 workers worldwide as it tries to stanch widening losses from semiconductors and other businesses that have been hard hit by competition and the global economic slump.

From the Associated Press:

NEC’s net loss for October-December swelled to 130 billion yen ($1.46 billion) from 5.2 billion yen a year earlier, it said Friday. Tokyo-based NEC said it would sink into the red for the full year through March as well.

The company hopes the job cuts, which will be split equally between Japan and overseas, will help save 80 billion yen over the next two years.

As Japanese electronics makers struggled to stay afloat in a shrinking market, a Japanese newspaper reported Friday that NEC was in talks with Toshiba Corp. to seek a possible chip alliance.

The Nikkei business daily said the talks focused on the possibility of Toshiba spinning off its system chip operations and incorporating them with NEC Electronics Corp., a semiconductor unit owned by NEC.

NEC declined to confirm the report, saying it was not based on an official company announcement.