Timesizing® Associates - HOMEPAGE
Downsizings, Oct. 16-31, 2001
[Commentary] ©2001 Phil Hyde, The Timesizing Wire, Box 117, Harvard Square, Cambridge MA 02238 USA (617) 623-8080
10/31/2001 9 downsizings, totaling 4,076 jobcuts, reported in NYT & BG
(not counting 18,000 industrywide jobs lost in Pakistan per "Companies cut textile orders from Pakistan," by Leslie Kaufman, NYT, C1) -
10/30/2001 3 downsizings, totaling 1,650 jobcuts + unspecified, reported in NYT & BG -
- Bristol-Myers Squibb will cut jobs at drug unit, Bloomberg via NYT, C4.
...about 40% of the workforce at the drug business it recently purchased from the DuPont Co....
[Again the cumulative long-term suicide of takeover and downsize.]
Bristol-Myers will cut almost 2,000 of the unit's 5,000 positions in the next two weeks....
- Fidelity Investments lays off 760 around nation, AP via NYT, C4.
...slightly more than 2% of [its] total workforce, citing a slowing economy and market instability....
[Ah, 1929 replays before our eyes.]
The employees...cut range from senior VPs to admin. assts...in offices around the country. [They] will be kept on the payroll for two months, will be eligible for year-end bonuses, will get severance packages and can use job placement resources....
[...and a big 'Merry Xmas' to them from Ned Johnson! 'Course, he's the clown that resorted to job-blackmail to extort tax breaks from Mass. taxpayers when he was in raging profit.]
Fidelity employed 32,493 at the end of September.
[Clearly our current economic design is still 'from Neanderthal.' Timesizing is the first of the new generation of economic designs.]
- Dexter Shoe workers, AP via BG, C9.
...The company cited foreign competition when it announced last month that it was closing its plant in Dexter ME, its last in Maine. The closing will put 475 people out of work....
[Another 475 casualties of the simplistic but sacrosanct (for the moment) Free Trade panacea. On the other hand, Timesizing, as panaceas go, is neither simplistic nor short-term, and unfortunately it is not yet familiar enough to breed contempt let alone sacrosanctity.]
- CVS shares tumble 23% on profit woes - Chain to close 200 stores and lay off about 300 workers, by Ross Kerber, BG, D7.
...including up to 100 employees at its [Woonsocket RI] headquarters and elsewhere in Rhode Island, out of a total workforce of 110,000. Most of the displace workers will be offered jobs at nearby stores, CVS said.... The company has..\..4,100 stores [and is experiencing] slowing sales....
- Alcoa layoffs, Bloomberg via BG, C2.
...The [Pittsburgh-based] biggest aluminum maker will close a Pennsylvania aluminum foil plant by the end of the second quarter next year and fire 240 workers because of slowing demand and high costs....
- Law firm may lay off 10% of associates, NYT, C10.
Shearman & Sterling...based in New York with about 1,000 lawyers in 18 offices worldwide, has quietly informed employees that as many as 10% of its associates might be laid off because of the slowing economy, a person close to the firm said yesterday.
[So, 10% of 1000 is 100 jobcuts.]
A majority of the lawyers who will be affected work on corporate transactions.... The [non!-]announcement makes Shearman one of the first prominent NYC firms to acknowledge that it has been significantly affected by spending cutbacks at its corporate clients over the last year....
[Well if they'd quit recommending takeovers and downsizings to their corporate clients they'd have a steady stream of business, instead of struggling for more and more business from fewer and fewer larger and larger, less and less sustainable corporate behemoths.]
- Cymer firings, Bloomberg via BG, C2.
...The [San Diego-based] top supplier of lasers to make semiconductors fired 98 workers, or about 11% of its staff, and will temporarily close factories this year to reduce costs....
- Mercer job cuts, Bloomberg via BG, C2.
Washington, DC-based Mercer Consulting Group, a unit of Marsh & McLennan Cos., is closing its offices in Washington and Geneva and cutting 77 jobs, or less than 1% of its 15,000 employees worldwide....
- Beacon Power cuts, Bloomberg via BG, C9.
...Wilmington MA-based [builder of] backup power systems for computer and telecommunications-equipment makers is cutting 26 jobs, or 25% of its workforce, to trim costs and have enough cash to continue in business for the next two years. [It] had $41m on hand at the end of last quarter.
10/27/2001 2 downsizings, totaling 4,100 jobcuts, reported in NYT & BG (not counting economywide story "Number of mass layoffs at U.S. firms rises in Sept.," Reuters 26 Oct 2001 via AOLNews via RadioTony) -
- Vought Aircraft to lay off 1,200, 20% of its staff, Bloomberg via NYT, C4.
Carlyle Group's Vought Aircraft Industries unit, which makes airplane tails and wings [will] lay off...begin[ning] next month..\..because of falling sales. Vought employs 6,000.... Vought, based in Dallas...sells 80% of its parts to Boeing, which is laying off 20,000 to 30,000 workers.
[These last are clearly equivalent to Boeing's 20-30,000-cut announcement on 9/19/2001 #1. This is the "domino effect" the Cold Warriors should have been worrying about while they were pouring on the worksaving technology without correspondingly cutting the workweek.]
- MTV Networks to lay off about 450, Bloomberg via NYT, C6.
...Home to the Nickelodeon, MTV and VHI cable television channels [will] lay off...8-9% of its work force to reduce costs.
[Too bad it hasn't figured out how to reduce costs without reducing its skillset and recoverability, and its own best markets.]
The layoffs will be completed by Friday and all workers will receive severance pay.... MTV's online unit, MTVi, will be folded into MTV Networks...and cease to exist as a separate division....
- Growing losses force Village Manor to close, by Liz Kowalczyk, BG, F3.
Village Manor Nursing Home in Hyde Park MA, which has taken in homeless residents for several decades, will shut down in 2-3 months because of growing financial losses.... More than 50 nursing homes in [Massachusetts] have closed since 1999. Executives at Village Manor said...they likely will find spots for all 88 residents at other Boston-area homes.
[But then, what'd you expect them to say. And aside from residents, there's unspecified lost jobs.]
10/26/2001 11 downsizings, totaling 33,161 jobcuts + unspecified, reported in NYT & BG
- Germany: Cuts at travel company, Reuters via NYT, C2.
Thomas Cook, Europe's No. 2 travel company, [will] close 100 travel agencies, eliminate about 2,600 jobs and ground about a quarter of its charter flights because of slumping travel after the Sept. 11 attacks....
- Kraft Foods is offering early retirement, Bloomberg via NYT, C4.
Kraft Foods, which is integrating Nabisco Holdings into its business, is offering some workers in the United States early retirement in a program that is expected to eliminate 1,000 jobs. Kraft, which trails Nestlé in sales, has been shedding some plants, businesses and administrative staff to reduce costs. Kraft's parent, the Philip Morris Cos., bought Nabisco last December for $18.9B....
[Again the toxic takeover-downsizing connection.]
On Oct. 12, Kraft announced plans to close three Nabisco plants in Latin America and lay off 500 workers as it moves operations to other countries.
[One wonders who these CEOs think is going to be left with money to buy their products. These 500 layoffs went unnoticed in the NYT and the BG, so we must now count 1000+500= 1,500 jobcuts.]
The company employs 117,000 workers worldwide.
[But for how much longer? Assuming the 117000 figure still includes the 500 jobs slated for oblivion on Oct. 12, 1500 jobcuts are only 1.2% of the total, which would be an unnoticeable amount by which to trim Kraft's worldwide workweek and avoid fueling the firestorm of downsizings that are maintaining the momentum of general market shrinkage.]
(not counting "KPN [Telecom NV] plans to shed 4,800 staff to cut debt," Reuters 10-25-2001 via AOLNews via RadioTony) -
10/25/2001 13 downsizings, totaling 17,126 jobcuts, reported in NYT & BG
- Flextronics International to cut jobs after loss, Bloomberg via NYT, C3.
SINGAPORE - ...The No. 2 contract manufacturer of electronics [is] cutting 10,000 jobs, or 15% of its work force, to cope with slowing demand.... The company will employ about 65,000 people after the cuts are complete....
- Germany: More layoffs at bank, by Desmond Butler, NYT, W1.
Germany's second-largest bank, HVB Group, formerly HypoVereinsBank, will cut 2,200 jobs in addition to the 7,500 already announced this year. The Q3 earnings, adjusted for an acquisition, fell to $61m from $239m. The group hopes to save $1.1B through the layoffs and by shutting 1/3 of its German branches. German banks have announced a total of about 22,000 job cuts this year.
[And since neither the NYT nor the BG condescended to report the previous 7500, we get to count 2200+7500= 9,700 HVB jobcuts now.]
- Ericsson cites weak demand in Latin America for third-quarter loss - The Swedish maker of wireless gear faces a shrinking market, by Simon Romero, NYT, C5.
...Ericsson is cutting 22,000 jobs as it tries to readjust to a shrinking market....
[Let's see, we caught 2600 back on 3/28, #2 and 12000 on 4/21, #1, and taking the conservative assumption that these are both part of the currently mentioned 22000 round, we still need to count 22000-(2600+12000)= 7,400 jobcuts.]
- Goodrich to lay off 2,400 workers and close 16 plants, Reuters via NYT, C4.
...The aerospace and industrial products company...based in Charlotte, NC \is\ respon[ding] to the slowdown in the commercial aviation industry....
- Northrup halts ship project; 1,750 workers affected, Bloomberg via NYT, C4.
Northrop Grumman has stopped building two 1,900-passenger cruise ships for American Classic Voyages, a move that will put about 1,750 employees, or 17% of the staff, at its Pascagoula, Miss., shipyard out of work. The move comes less than a week after American Classic Voyages filed for Chapter 11 bankruptcy protection and failed to get a federal loan to complete the ships....
[Like taxpayers should loan big money to complete cruise ships for an unprofitable cruise line? What a nerve!]
- Level 3 Communications to cut 750 jobs, Bloomberg via NYT, C5.
...or about 17% of its work force.... For the third quarter...it lost $531m...compared with a loss of $351m...in the quarter a year ago....
[Phew! Who says the myth of profitless sustainability is over?!]
- Tyco Electronics to eliminate 700 jobs at Texas plant, AP via NYT, C4.
The power systems division...will stop its manufacturing operations at a plant in the Dallas suburb of Mesquite.... The plant makes equipment that drives telephone networks and computers. ...400 employees ha[ve] been laid off in the last 2 weeks and...the balance [will] be cut over the next 6 months. The power systems division, which had 2,000 employees in Mesquite a year ago, will remain in the city but with only about 700 employees....
- 160 to lose jobs at Art Technology, by Ross Kerber, BG, C1.
...The layoffs will eliminate about 20% of its work force..\..as the Cambridge MA e-commerce software maker...struggles to return to the black.... They are only the most recent reduction from Art's peak work force of 1,200 earlier this year. It now expects to have about 630 employees at year-end....
[So let's see, that's a total of 1200-630= 570 jobcuts this year. We counted 150 on 4/13, #2 but the mention on 4/28, #6 was not specific. So we now must count 570-150= 420 Art jobcuts.]
- Budget woes force MCET to shut, lay off 41, by Peter Howe, BG, C3.
...The shutdown by the Cambridge-based Massachusetts Corporation for Educational Telecommunications - which officials insist is not a stunt to get threatened budget cuts restored - will jeopardize more than $600,000 in annual federal subsidies for Internet access at schools in 40 mostly rural school districts....
- Skechers U.S.A. says it will cut 5% of its work force, Bloomberg via NYT, C4.
...[A maker of] boots, sneakers and sandals [plans] to cut [un]disclosed \jobs\ and close its mail-order division....
- Medtox Scientific, NYT, C4.
...St. Paul, a laboratory services provider...acquired Leadtech, operator of a clinic that tests children for concentration of lead in their blood.... Leadtech's operations in North Bergen, NJ, will be moved to St. Paul.
[Assuming we're talking about St. Paul, Minn., we're going to count this long-distance "move or else" as a downsizing with unspecified jobs lost.]
(not counting "Oneida says will cut 100 more jobs, warns on Q3 earns," Reuters 17:19 10-24-01 via AOLNews,
or "Margate [Industries] receives notice of [unspecified] layoffs at major customer [New Haven Foundry]," PRNewswire 10/24/2001 09:25 EDT via AOLNews via RadioTony, which states "Its largest customer has laid off its entire hourly workforce and ceased operations for an indefinite period of time.") - the Great Depression of 2002 proceeds apace -
10/24/2001 6 downsizings, totaling 2,866 jobcuts + unspecified, reported in NYT & BG
- Sears plans to cut jobs and revamp store designs, Bloomberg via NYT, C5.
Sears, Roebuck will cut 4,900 jobs, or 22% of its salaried workers and overhaul its stores to compete with discount chains like Wal-Mart Stores and Target....
- Sweden: Volvo posts loss, Bloomberg via NYT, W1.
A leading European truck maker...took charges for closing plants in response to slowing demand.... The CEO, Leif Johannson, has cut 5,200 jobs this year....
[Well, we counted 400 on 2/17, #2 and didn't count 950 on 6/08 because it was reported by AP and missed by NYT and BG. This means we still have to count 5200-400= 4,800 jobcuts now.]
- Kodak quarterly earnings decline 77%, Bloomberg via NYT, C4.
...The Eastman Kodak Co. [will] eliminate as many as 4,000 jobs.... The company, based in Rochester, expects to save as much as $450m next year through the layoffs. The latest round of cuts will bring the total this year to about 7,500 positions, or about 9% of the company's 78,000 workers.
[This 4000 figure must be the unspecified amount that were announced on 9/20/2001 #2. We've only caught 3500 of this 7500 figure - on 4/18, #2, because of 9/20 Kodak didn't specify how many jobs it would cut. So indeed, we now get to count 7500-3500= 4,000 Kodak jobcuts.]
- Bank of America will cut 600 investment bank jobs, AP via NYT, C4.
...global corporate and investment banking jobs, or nearly 8% of the unit's total work force, in response to a decline in commerce connected to financial markets.
[It'd be nice if they explicitly named "the unit." From a later story (11/25-26/2001 #1), we get "corporate and investment banking unit."]
The same unit's staff was scaled back 5% earlier this year.
[Hm, news to us. If 600 is nearly 8%, the total workforce between cuts was nearly 7500, and that was 95% of what they started the year with, i.e., about 7890. So the first cut (5%) was about 390 and the total, which we must count now, is 390+600= 990 jobcuts.]
The cutbacks come after last week's earnings report in which B of A said its Q3 profit was 54% lower than in the comparable quarter last year.
[Note previous megacut on 7/29/2000 #1.]
- Thermo plans to cut jobs, Bloomberg via NYT, C5.
The Thermo Electron Corp., a leading maker of laboratory measuring instruments [will] cut 300 to 500 jobs....
[Let's split the diff and go with 400.]
Thermo Electron has cut 600 jobs and closed 21 plants this year to reduce expenses. The company, which is based in Waltham, Mass. [plans] to close 40 more operations next year.
[This makes an even 1,000 jobcuts this year and we've only caught 240 of them (on 4/28, #3). So we still have to count 1000-240= 760 jobcuts.]
- General Mills Inc., NYT, C4.
...Golden Valley, Minn., the cereal maker, [will] close its plant in Toledo, Ohio and lay off 459 workers.
- Hershey Foods to close some plants and cut jobs, AP via NYT, C4.
...three plants and a distribution facility, cut about 400 [8%] salaried jobs and turn over production of cocoa powder to outside contractors in a realignment design to generate at least $60m a year in savings.... Hershey...said it hoped to reduce the work force through a voluntary program.... Hershey employs 14,000 people and has 20 manufacturing and distribution plants.
[Followup - "More employees than expected take Hershey buyout," AP via 1/09/2002 NYT, C4 gives no specific figures.]
- Brooks to buy PRI for $420m in stock - Companies to trim 10% of work force, by Ross Kerber, BG, C7.
Brooks Automation of Chelmsford [and] PRI Automation Inc. of Billerica [both in Mass.] said they plan to eliminate about 10% of their combined work force of 3,300 people through layoffs and attrition, though the majority of those affected will be outside Massachusetts.....
[So, 10% of 3300 is 330 jobcuts. Again, the toxic takeover-downsizing connection.]
- Allied Holdings, a car hauler, to lay off 230 workers, AP via NYT, C4.
...The nation's largest hauler of new vehicles [will] close three terminals by the end of the year....
- Ennovate Networks lays off 127, closes, by Peter Howe, BG, C7.
...of Boxborough MA, one of the many Interstate 495-area start-ups that hoped to cash in on the telecommunications boom. [It] shut its doors Tuesday night [and is] preparing to file for bankruptcy....
- Friendly firings, Bloomberg via BG, C9.
Friendly Ice Cream Corp. fired 70 employees at it Wilbraham MA HQ this month and will fire 30 more [for a total of 100], or 12% of its 860 workers, when it shuts a restaurant-furniture plant in Springfield by Dec. 30. Friendly fired the management and administrative employees when it combined its food-service division with its main restaurant business Oct. 10....
[They'd be a lot friendlier if they cut 12% of their workweek and kept everyone on board - timesizing, not downsizing.]
- Napster lays off 15% of staff, by Matt Richtel, NYT, C4.
...The Internet music service based in Redwood City, Calif. [is] laying off 16 employees...to cut costs. Napster, which had 104 employees prior to the layoffs, also [is] redeploying some employees in anticipation of the still-unscheduled start of a for-pay service....
- Bitstream layoffs, Dow Jones via BG, C9.
Camibridge MA-based Bitstream Inc. will reduce its work force by 20%, effective Oct. 31. The company employed 70 people as of March 16.
[So we're talking about 20% of 70= 14 jobcuts here.]
...The company [is also doing] voluntary reductions in executive salaries and in consulting expenses....
(not counting "AT&T to cut 2,400 [more] jobs" AP,
"Aliant third-quarter profit falls,  jobs cut" Reuters,
"OM to sack 70 save SEK [Stockholm Stock Exchange] 35 mln in restructure" Reuters, and
"ABC.com lays off significant number of staff" Yahoo!.news,
all four 10-23-2001 via AOLNews via RadioTony,
and not counting statewide story "[Massachusetts] job-loss figures rival worst of '90-91 recession" by Syre & Stein, BG, D1) -
10/23/2001 13 downsizings, totaling 11,965 jobcuts + unspecified, reported in (NYT) NY Times & (BG) Boston Globe -
- Phelps Dodge to lay off 1,440 after 3rd-quarter loss, AP via NYT, C4.
...A copper producer [will] curtail operations...after losing $100.4m.... The company will temporarily close operations in Claypool, Ariz., and Hurley, NM. Operations in Green Valley and Bagdad, Ariz., will run at half capacity.
[Then there it should be cutting the workweek by half.]
- Large insurance company to lay off 500 in New York, Bloomberg via NYT, C4.
AXA...based in France will lay off [9%] at its AXA Financial unit in the U.S. as part of a plan to cut costs 10% next year.... The cuts will fall in AXA Financial's insurance unit, which employs 5,535 people.... AXA Financial has 10,450 employees.
- MedTronic dismisses 450 after losing patent suit, Bloomberg via NYT, C4.
...1.7% of its 26,000 workers worldwide. A federal judge ruled in September ruled in September [oops, jet lag] that a Medtronic system for inserting stents, tiny metal-mesh tubes that prop open heart arteries cleared in angioplasties, infringed on a patent licensed to the Boston Scientific Corp. Those who made [Medtronic's] stent system lost their jobs. \The\ medical device maker...is based in Minneapolis.
- Newsprint maker to cut production and sell assets, Bloomberg via NYT, C4.
Bowater [will] close a production line in Alabama at the end of January and lay off 300 workers because the company was reducing production as demand declined.... Bowater, based in Greenville, SC, cut newsprint production by 120,000 metric tons in Q3 and plans to cut the same amount this quarter. Closing the Coosa Pines, Ala., line will cut production there by 18,000 metric tons in Q4....
- Marlborough jobs, Bloomberg via BG, D9.
Buffalo-based food processor Rich Products Corp. said it is closing three facilities, including one in Marlborough MA that...makes frozen dough for pizza and muffins \which\ will lay off 176 employees. The other closings are in Wisconsin and Tennessee. The company attributed the closings to the nation's slowing economy.
- Financial printing business announces layoffs, Bloomberg via NYT, C4.
...because it had a Q3 loss caused by a decline in initial public stock offerings and M&As (mergers and acquisitions)..\.. Bowne & Co...will cut 10% of the work force at its financial printing business....
[Unspecified job cuts.]
Bowne, based in New York, said September was the first month in 25 years will no registration filings for IPOs.
10/22/2001 3 weekend downsizing reports, totaling 45 jobcuts, reported in (NYT) NY Times and (BG) Boston Globe -
- Emerson to cut 4,000 jobs and close 20 plants, AP via NYT, C4.
...of its 350 plants worldwide because of a decrease in customer demand and a downturn in the economy aggravated by last month's terrorist attacks..\.. The Emerson Electric Co...based in St. Louis \is\ cutting 10% of its salaried work force.... About 70% of the cuts have already been made....
- 30% drop in profit leads SBC to job and Web project cuts, Bloomberg via NYT, C6.
SAN ANTONIO...- SBC Communications said here today that its Q3 profit fell 30% and that it would eliminate several thousand jobs and reduce spending on an Internet project.... SBC did not specify how many of its 216,000 workers would be let go....
[But let's estimate it, conservatively, at 3,000 jobcuts. "Several" is more than "a couple of."]
- MetLife says it will cut 1,900 jobs, 4% of its staff, Reuters via NYT, C4.
...MetLife, which converted from a mutual company early last year, will cut 253 officers and directors, 10% of all directors, plus more than 1,630 other employees. MetLife has a total staff of about 46,500.... Claims from the attacks on the World Trade Center and the Pentagon would cost about $210m...after taxes in Q3..., less that the $250-300m...forecast last month.
- Lexmark International to cut work force, NYT, C8.
...[A maker of] computer printers [will] cut as many as 1,600 jobs, or 12% of its work force. Q3 revenue was up about 8% compared with Q3 last year; profits rose almost 6% to $70m because costs declined and sales of printer supplies increased. But...the company's sales have dropped off - along with overall personal computer sales - and the economy has weakened....
[Another firm in profit that's nevertheless inducing downturn with jobcuts.]
- Advanced Energy Industries cuts staff by 8%, Bloomberg via NYT, C8.
...[A maker of] parts for semiconductor-manufacturing equipment laid off 107 workers last week...because of reduced demand for chips.... Advanced Energy had 1,600 employees as of the end of 2000, and will have 1,185 employees after the latest round of layoffs....
[Well, this is the first we've heard of any of this, so we'll count all 1600-1185= 415 jobcuts we've only now been informed of.]
- Net2000 fires 400, Bloomberg via BG, D9.
Herndon, Va.-based Net2000 Communications Inc., a provider of Internet and telephone services, said it fired...60% of the work force, and may put itself up for sale. The company will close offices in Boston, New York, and Providence....
- Allegheny Technologies to close part of factory in Houston, Bloomberg via NYT, C4.
...A maker of alloy metals and stainless steel plans to close a plant in Houston...by the end of the year..\..and lay off 200 people because of falling demand for stainless steel.... The plant's rolling mill...will keep running.... The company has about 11,000 employees....
- Noranda to close auto wheel plant in Kentucky, Bloomberg via NYT, C4.
...its American Racing Equipment plant in Warsaw, Ky., and cut 200 jobs because of slumping demand....
- Ripple effect from attack: Suppliers have no demand, by Cathy Horyn, NYT, C18.
...At 148 Lafayette [NYC], which is the address for several factories as well as the name of a fashion brand, manufacturing orders have fallen by 50%, said Deidre Quinn, who is part of a consortium of owners in the building that make clothes for clients like Talbot's and Neiman Marcus. Of 450 employees on three floors, 155 have been laid off, Mrs. Quinn said....
- Ripple effect from attack: Suppliers have no demand, by Cathy Horyn, NYT, C18.
...Bik Ka Ng...the owner of...Antares Sportswear..\..a factory at 148 Lafayette Street [in NYC] has had to lay off 60 sewers, and there is not enough work for his remaining 100 employees. "If I have to lay off more people, then I will have to lay off myself," Mr. Ng, the father of three children, two of whom are in college, said last Thursday.... "We'll close."...
- U.S. News & World Report cuts salaries to avoid more layoffs, by Felicity Barringer, NYT, C10.
...across-the-board salary cuts of up to 10%...for all but the lowest-paid staff members and some highly paid contract writers..\.. Brian Duffy, the editor...said he himself was taking the pay cut.
[That's the way to build esprit de corps.]
At the same time, the publisher of the magazine said 2001 would be the worst year for advertising in the last decade.
About 13 people are being laid off, including about five part-time employees, and next year the company is suspending its customary match of 75% of employees' contribuitions to their 401(k) retirement plans, Mr. Duffy said. The salary cuts, he added, were his tradeoff to avoid further job losses at the magazine, where about 20 employees were laid off earlier this year.
[We did not catch these 20 jobcuts earlier so we'll count them now, for a total of 13+20= 33 jobcuts.]
"...Taking a pay cut is preferable to losing your job."
[And taking a corresponding hours cut is preferable to just taking a pay cut. But that kind of timesizing instead of just paysizing does not seem to be in the cards here.]
- Ripple effect from attack: Suppliers have no demand, by Cathy Horyn, NYT, C18.
...Stuart Meyer, an owner of Stanley Pleating, which produces needlework for fashion houses and Broadway costume shops...has laid off two of his 15 employees....
- Eastman Chemical to close plant in Germany, Bloomberg via NYT, C4.
...in Duesseldorf...as part of a plan to consolidate its coatings operations. The plant makes specialty chemicals used in coatings, inks, adhesives and sealants....
[Unspecified job loss.]
10/20/2001 4 downsizings reported, totaling 10,850 jobcuts, reported in (NYT) NY Times and (BG) Boston Globe -
- Departures continue on Madison Avenue, by Stuart Elliott, NYT, C10.
TBWA/Chiat/Day...is laying off employees at its U.S. offices in NYC, [and] Playa del Rey and San Francisco CA. The layoffs are to total fewer than 20 people, around 2.5% of its U.S. staff of 800.
[If this outfit knew anything about marketing, they'd get themselves a name you could pronounce.]
- Departures continue on Madison Avenue, by Stuart Elliott, NYT, C10.
...Panoramic Communications is dismissing 15 people at its Philadelphia operations, or 23% of the staff of 65, as the offices of Earle Palmer Brown and Odyssey are combined into one....
[The takeover-downsizing connection.]
- Departures continue on Madison Avenue, by Stuart Elliott, NYT, C10.
...The San Francisco office of Kirshenbaum Bond & Partners....laid off 10 employees, or 20% of the staff of 50...after the loss of the PeopleSoft account....
10/19/2001 3 downsizings reported, totaling 4,070 jobcuts, reported in (NYT) NY Times and (BG) Boston Globe -
- Britain: Rolls-Royce cuts 5,000 jobs, by Alan Cowell, NYT, C2.
With major airlines delaying purchases of airplanes, Rolls-Royce PLC, the world's second-largest maker of jetliner engines, [will] cut its work force by 11%...in anticipation of a 30% drop in sales next year....
[A self-fulfilling anticipation. Note previous count of 5,000 cuts "over three years" on 11/06/2000 which means we may be double-counting here.]
Full-year net profit tumbled amid slump in civil orders, Dow Jones via 3/05/2003 WSJ, B6.
Rolls-Royce PLC...which cut its workforce by 4,900 in 2002 and will drop an additional 900 employees this year, expects to realize cost savings of £250m by 2004.
[This is all sounding very repetitive. We certainly aren't going to count anything in the 2003 story.]
- France: Auto parts maker closes 12 plants, by Kerry Shaw, NYT, C2.
...Valeo [will] cut 5,000 jobs, or 6.5% of its work force.... Plants will be closed in France, Germany and Spain before the end of the year as car sales slow in North America and Europe. The company, which makes clutches and headlights, has announced plans to close or sell 35 of its 170 plants and expects production to fall to 10% next year....
[If that's an indication of our general future, that means that the creaky "efficiency" of our modern "downsize jobs & concentrate pay" capitalism is going to have 90% unemployment and over three times the problem of the Great Depression. The alternative is the hours cuts, pay centrifugation and restored markets of Timesizing capitalism.]
- SPX to lay off 500 more, Bloomberg via NYT, C3.
MUSKEGON, Mich. - ...[The owner of] dozens of companies that make brakes, hydraulic gear and fiber optic equipment...now plans to cut 2,500 jobs by May..\..
[But why? They've been having good results -]
SPX...said revenue almost doubled, to $1.22B from $645.1m..\..
[DOUBLED revenues and still these morons are cutting 2500 jobs? (For previous 2000 cuts, see 8/02/2001,#3.) What's their problem?]
SPX...in May bought United Dominion Industries for $2.58B \so\ net income fell [5.6% from] a year earlier....
[Impoverished themselves with a suicidal, over-expensive takeover, so, "again the lethal takeover-downsizing connection." Clearly many CEOs don't have the common sense of teaspoon. That's why if our species overall has any intelligence, all takeovers, mergers and acquisitions will be banned within the next 100 years except in cases of bankruptcy and liquidation.]
- Polycom to lay off 165 in Andover MA after buyout, by Ross Kerber, BG, C1.
...$362m acquisition of PictureTel Corp. this week.... In all, Polycom will cut about 350 jobs of the combined firm's total work force of about 1,500 people....
[Seems like every 60-70 years, the captains of industry forget their consumer base needs employment and pay to provide the markets on which their industries and themselves depend.]
10/18/2001 day-record of 15 downsizings reported, totaling 29,864 jobcuts + unspecified, reported in (NYT) NY Times and (BG) Boston Globe -
- Telecommunications giant to cut 3,000 jobs, AP via NYT, C4.
The BellSouth Corp. [will] cut...just under 3% of its global work force. The telecom company is the largest local phone provider in nine Southern states.... Revenue for the quarter was $7.45B, up from $6.92B for the period last year.
[Look at the huge figures here. That should raise the question in mainstream economists' minds (but it doesn't, they're too blitzed with the squirrelcage of conventional economic nostrums for such openness and imagination), what microeconomic strategy would conduce to a sustainable macroeconomic outcome. (It sure as hell ain't mass layoffs when your revenue is up 8%.) Why are they doing it? Perhaps the part we skipped over holds the clue -]
..\..Bellsouth...earned $7m in the third quarter, breaking even on a per-share basis and down from $1B, or 55 cents a share, a year earlier....
[So, less profit ("earnings") from more revenues? That's a reason for shifting money from "executive compensation" over to "profit," not for cutting jobs and skillset and morale and future markets. But the only time that executive compensation gets reduced is during a war, or a war-like situation - see next item. And ultimately war works so "well" at centrifuging income because it reduces a general glut of non-executive manhours in the job market closer to the level of shortage that executives carefully maintain on their own manhours in the job market.]
- Cuts at Bear Stearns, by Patrick McGeehan, NYT, C4.
Bear Stearns plans to eliminate as many as 830 jobs, or about 7.5% of its work force, in across-the-board layoffs..\..as part of a reorganization that was postponed because of the terrorist attacks.... The firm's senior executives, long among the highest paid of Wall Street, will take pay cuts of as much as 70% this year, though they will still earn several million dollars each.
[Our heart bleeds. Under Timesizing, they don't have to take 70% paycuts after their excess. They just have to join all their employees with themselves in a 7.5% hours and pay cut. And if they keep going with that strategy every time they need cuts, the eventual shortages of skills that will result will centrifuge their income by market forces instead of this dramatic but arbitrary, and self-sacrificing but not really (because they still have their jobs and lush benefits) media gesture. And if they implement overtime-to-training conversion while they're doing this kind of time cut, their whole situation will get balanced, efficient and competitive even faster. In short, if these men, who constantly pay lip service to the free market, really submitted themselves to it, we'd all be better off. As it is, those who have so much money that they can never feel pain have robbed capitalism of its feedback system.]
- Sycamore to lay off 240 employees - Company blames cuts on plunge in revenues and telecom downturn, by Peter Howe, Boston Globe, C1.
...about a quarter of its work force.... Th[is] second wave of layoffs follows an early April round that claimed 140 jobs [see 4/06 #3], and would leave..\..Sycamore Networks, the once high-flying Chelmsford MA optical networking company...with about 710 employees....
10/17/2001 9 downsizings reported, totaling 12,494 jobcuts + undisclosed, reported in (NYT) NY Times and (BG) Boston Globe (not counting 100 layoffs at Universal Orlando in Florida, 80 at Universal in California last week, 42 (5.6%) at the Kennedy Space Center and unspecified cuts of part-time employees at Disney World according to "Universal Orlando lays off workers," and unspecified Finnish cuts per "Airline Finnair announces job cuts," both AP 10-16-01 via AOLNews via RadioTony) -
- Dana, auto parts supplier, to close plants and cut jobs, AP via NYT, C4.
...An auto parts supplier [will] cut 11,000 jobs through plant closings and consolidations to deal with a slowdown in the auto industry.
[The Globe's version of this today has a more accurate figure in the headline -]
Axle maker Dana to cut 11,250 jobs, Bloomberg via BG, C2.
[More accurate in that it jives exactly with the percentage and total workforce given in the rest of the NYT article -]
The reductions come on top of about 10,000 job cuts [see "uncounted" on 2/14/2001) made within the last two years because of declining auto production and slow sales in the United States.... The new cuts account for about 15% of Dana's workforce. The company, which makes parts like brakes and axles, employs about 75,000 people.
- Citing slow economy, Sprint to cut 6,000 jobs, AP via NYT, C4.
...and 1,500 more contract workers. Sprint had held out on layoffs even as its telecommunications competitors shed about 225,000 workers this year....
[So a total of 6000+1500= 7500.]
- EMC reports drop in sales and a loss in the quarter, by Barnaby Feder, NYT, C4.
...EMC also said that it would lay off another 4,000 workers in addition to the 1,600 previously announced....
[We make it 3500 previously announced, 1100 in May and 2400 in late Sept.]
- Canada: Cutbacks for aluminum producer, by Bernard Simon via NYT, C7.
The aluminum producer Alcan plans to trim its work force by 5 to 7% in response to what the company called challenging market conditions. Alcan presently employs 52,000 people....
[7% is 3,646 so let's round it off to 3,600.]
- i2 Technologies cuts another 1,000 jobs, AP via NYT, C4.
...The software maker...said it would cut 1,000 jobs [which] affect...nearly one-fifth of the company's work force, bring i2's announced layoffs this year to more than 2,000.... Before the latest layoffs, the company had about 5,500 employees....
- Europe agrees to Belgian rescue of Sabena, by Paul Meller, NYT, W1.
...Aer Lingus has been hit hard by the falloff in trans-Atlantic travel, its most important market. Last week, it said it needed to cut 2,500 of its 6,500 jobs....
[We counted 1700 on 9/21 #4 and 800 on 10/11 uncounted, because unmentioned in NYT or BG. Now that the NYT has mentioned the 2500 total, we can count this 800.]
- France: Retirement plan at Michelin, by Elizabeth Olson, NYT, W1.
The French tire maker...reached an agreement with unions to allow 4,900 employees in France, or 3.8% of its work force, to retire early. Under the cost-cutting measures, workers who are older than 56 are eligible to retire by 2006 and would be replaced by 2,000 new workers. The announcement follows a series of layoffs at Michelin, which the company attributes to reduced car production in North America and Europe. In September [9/11], Michelin said it would cut 2,000 jobs in the United States, and it recently announced that it would cut 280 jobs in Stoke-on-Trent, England, and 450 jobs in Burnley, England....
[So we need to count now these 280+450= a total of 730 jobcuts.]
- McDonald's will revamp its American operations, Reuters via NYT, C4.
...by consolidating regions...to 21 from 37 and eliminat[ing] 500-700 field and home-office jobs. In addition, five new managers will be appointed to the U.S. management team....
- Louisiana-Pacific to sell a mill and cut 190 jobs, Bloomberg via NYT, C4.
...The pulp mill, in Chetwynd BC, stopped operations in April and will remain closed.... The company [is] based in Portland, Ore....
- Sony and other TV studios to cut new programming - An advertising downturn takes its toll, by Bernard Weintraub, NYT, C6.
...A report in The Los Angeles Times today [said] that as many as 50 to 70 employees could be let go - as well as hundreds of others connected to [i.e., working for?] production companies that had deals with Sony.
- Plimoth Plantation planning layoffs, AP via BG, C9.
...More than two dozen  employees will lose their jobs and seven full-time positions will be reduced to part time as part of a plan to cut $2m from the historic site's budget. The layoffs come as a result of a slowing economy and [9/11]... Museum director, Nancy Brennan said...70 school and adult tours have been canceled. Walk-in traffic was down almost 30% for Sept. and Oct.
- DoubleClick trims media division, by Jayson Blair [=Times reporter who resigned leaves long trail of deception, 5/11/2003 NYT, A1], NYT, C4.
The Internet advertising agency...began eliminating many positions in its media division yesterday in response to a sharp downturn in the ad market, executives close to the company said. The media group represents about 90 of DoubleClick's 1,500 employees, officials said. The DoubleClick CEO, Kevin Ryan...said last week that the company planned to lay off workers in the fourth quarter....
- Chronicle of academic life halts publication, by David Kirkpatrick, NYT, C6.
Lingua Franca, a magazine about academic life that became a must-read for intellectuals far from universities as well, suspended publication yesterday after its financial backer withdrew his support.
[Unspecified lost jobs.]
While Lingua Franca never turned a profit...its circulation hovered around 15,000.... [It] was founded in 1990 by Jeffrey Kittay, a former professor of French literature at Yale, who saw a niche for vivid reporting about the academic world and especially about its many personal feuds and intellectual controversies....
[That should have been a gold mine. He could have got all the material he needed from just here at Harvard!]
Lingua Franca, based in New York and published nine times a year, became known for articles that strove to be both gossipy and weighty.... Alexander Star [was] its editor since 1995.... Mr. Kittay's company, Academica Partners, added a second publication, Unversity Business, about college administration, and a stake in Arts & Letters Daily, a Web site that provides links to articles about intellectual life from many publications.
But Mr. Kittay depended on a single financial backer to subsidize the company's continuing losses....
[A dramatic demonstration of the unreliability of charity.]
Mr. Kittay said the advertising slowdown was not the problem, and he planned to seek new financial support. University Business will continue to appear in some form, he said, and Arts & Letters Daily will continue to appear online.
- Papers combining, Bloomberg via BG, C2.
Cox Newspapers Inc. plans to combine The Atlanta Journal and The Atlanta Constitution next month and phase out afternoon delivery.
[Where was antitrust when one owner acquired both of these?!]
The afternoon Journal sells about 90,000 copies, vs. 320,000 for the morning Constitution.
[Unspecified lost jobs.]
- Russia closing 2 major posts for snooping, one in Cuba, Bloomberg via NYT, A5.
MOSCOW...- Scrapping an outdated symbol of its superpower days, the Kremlin said today that it would abandon its largest electronic eavesdropping post in the West, at Lourdes, Cuba, and spend much of the savings on modern weapons for its armed forces.
President Vladimir V. Putin also said Russia would begin a long-planned withdrawal from a major Pacific eavesdropping post at Cam Ranh Bay, Vietnam, on Jan. 1....
[Unspecified lost jobs.]
Appearing after a meeting at Russia's Defense Ministry, Mr. Putin cast the closings largely as budgetary decisions, part of his campaign to streamline and rearm a military critically short of money, morale and expertise since the Soviet collapse....
[Sounds remarkably corporate.]
Mr. Putin emphasized that without better weaponry and more combat training, Russia's armed forces risked turning into a glorified military school where soldiers learned the science of fighting without picking up the skills.
[Hey, what's the matter with that?! Sounds like a positive step on the path of beating swords into plowshares.]
...The symbolism of Russia's departure from two of its mightiest cold war outposts was impossible tro ignore. The Lourdes post, which dates to 1964, was the hallmark of the Soviet presence in the Americas and, for decades, a major concern of American intelligence.... The site at Cam Ranh Bay had been a strategic American base before United States forces turned it over to the Saigon government in 1972. The Soviets, and later the Russians, used it to maintain a Pacific Ocean presence and to eavesdrop on Chinese naval activity....
10/16/2001 12 downsizings reported, totaling 16,284 jobcuts + undisclosed, reported in (NYT) NY Times and (BG) Boston Globe -
- United Technologies to cut 5,000 jobs in two divisions, AP via NYT, C4.
The United Technologies Corp. [UTC] said yesterday that it would cut about 8% of the jobs in its Pratt & Whitney jet-engine division and 9% of the jobs at the aerospace supplier Hamilton Sundstrand. About half of the...cuts will come in the company's home base of Connecticut. The company also showed a 14% increase in profit, but its chairman, George David, said analysts should expect the company to reflect the economic slump....
[This is the worst kind of strategy. Layoffs despite increased profits guarantees falling profits and losses, because it cuts your customers' customers.]
[Followup - nearly a year later we learn exactly how many jobcuts were where -]
Hamilton Sundstrand to lay off 250, Bloomberg via 10/02/2002 NYT, C3.
...A maker of aircraft equipment will...close two offices to save money amid a slump in travel demand.... Hamilton Sundstrand, a unit of the United Technologies Corp., has about 17,000 workers worldwide.... The reduction is in addition to 1,500 jobs that were cut after 9/11....
[That means Pratt & Whitney took the hit for the other 5000-1500= 3,500 jobcuts in this bloodbath.]
- TRW to eliminate 2,400 jobs from automotive division, AP via NYT, C4.
TRW, which makes automotive, aerospace and military products, [will make these cuts] on top of the 1,100 jobs that TRW [based in Cleveland] said on Monday it would eliminate from its aerospace unit.... TRW's automotive units have about 70,000 employees at more than 200 sites in 25 nations.
- Venture pulls plug, AP via BG, D2.
British Telecommunications and AT&T Corp. are shutting down Concert, their money-losing international joint venture created three years ago to serve business customers. That means a loss of up to 2,300 jobs and $7B in charges.... Concert aimed to be a leader in trans-border telecommunications, but ended up competing with its parents.
- A maker of air-conditioners says it will cut 1,000 jobs, Reuters via NYT, C4.
The American Standard Corp...said the cuts, representing 1.7% of its work force of 60,000, were intended to reduce costs..\.. The company, which is based in Piscataway, NJ, said its [Q3] earnings fell 4%....
- GM cutting jobs, AP via NYT, D2.
General Motor's European operation [Adam Opel AG] will cut 1,600 jobs in 2002 and 2003, or 2.1% of its work force - part of a restructuring announced in August....
[They announced only 1000 cuts on 8/16/2001 #4, so here we count the additional 600 jobcuts.]
- Reuters warns on sales forecast and will cut 500 jobs, Reuters via NYT, C4.
The financial news and data provider [will] miss second-half sales forecasts for its biggest business and eliminate 500 jobs [even though] subscription revenue at its Reuters Financial unit...will rise 1-2% in the second half....
[Again this suicidal strategy of cutting jobs - and markets - despite rising revenue.]
Sales have been stunted by "difficult trading conditions," the CEO, Tom Glocer, said.
[Well, Tom, you've just guaranteed they'll get worse. You think sales come from joblessness and uncertainty? You think others, most of whom are not reporting rising revenues, can hire your layoffees? Note previous cuts on 7/25/2001 #3.]
- Tucker to cut 500 jobs after buyout, Bloomberg via BG, D9.
Tucker Anthony Sutro Corp. plans to cut about 500 jobs as part of its purchase by Royal Bank of Canada, according to people familiar with the situation.... The merger resulted in overlapping jobs....
[The takeover-downsizing connection.]
- Boston Coach cuts staff, pointer blowout (to D5), BG, D1.
The private car service owned by Fidelity Investments lays off 12% of its staff, or 194 people nationwide, as business travel has declined following [9/11]. Roughly half the workers being let go by the Everett MA firm are drivers.
- [Oo oo oo, a bank failure! Just the late '20s.]
Regulators, owners hit over bank failure - Demise of Superior [Bank] to cost FDIC $500m, AP via BG, D13.
WASHINGTON - The government's top thrift regulator blamed the multibillionaire Pritzker family and a New York developer, co-owners of Superior Bank, for its failure, saying yesterday the "walked away" after promising to rescue it.
But Senate Banking Committee chairman Paul Sarbanes said regulators missed signals that Superior, which lost millions of dollars on home loans with high interest rates to risky borrowers, was in seriour trouble.
[Was that because we have on the order of 2 banking regulators and on the order of 2000 banks to regulate?]
Its failure in July is expected to cost the federal insurance fund [i.e., ultimately us taxpayers] about $500m and is the largest insured bank or thrift to fail in the United States since 1992....
[Unspecified lost jobs.]
- Germany: Siemens cuts jobs, by Desmond Butler, NYT, W1.
The...electronic and engineering company...[will] cut a further 7,000 jobs from its networking and mobile phone divisions in addition to about 10,000 planned layoffs already announced this year. Half of the latest cuts will be in Germany. The company...hopes to save more than $2B euros ($1.82B) from layoffs and plant closings.
[Assuming Siemens cut from 470,000 to 460,000 employees already so far this year (see 7/05/2001, #2), 7000 more cuts will be 7000/460,000= a 1.5% cut and the declining balance of the company will be a workforce of 460,000-7000= 453,000 total survivorship.]
- Germany: Bank cutting jobs, by Petra Kappl, NYT, W1.
...Commerzbank...[will] cut 3,400 jobs and close 62 branches to reduce costs by "at least 500m euros" ($455m) during the next year. Commerzbank said it lost 120m euros in July and August....
- Unisys to cut 3,000 jobs as profit falls, Reuters via NYT, C6.
...which amount to 8% of its work force of 37,000..\.. Unisys, based in Blue Bell PA, said server sales and networking fell off in the last part of Q3 as tech spending dropped after \9/11. It\ reported a 50% decline in Q3 profit....
- Commerce One to cut 1,300 jobs and spin off some units, Bloomberg via NYT, C4.
[Sheesh, how confusing - Commerzbank (#2 above) und Commerce One on one and the same day! (That takes care of Commerce One. What about Commerzbank? How about the beginning of one of the Yorkshire "Albert-and-the-Lion" poems by Marriott Edgar - we need a little silliness at a post-9/11 time like this -
On the banks of the Merzie (sp?), over on t'Cheshire side,
Lies Runcorn, that's best known to fame
By transporter bridge as takes folks across t'stream,
Or else brings'em back across t'same.
¶In days afore transporter bridge were put up,
A ferryboat lay in t'slip.
An' Olde Ted the Boatman would row folk across
At per-tuppence (2d.) per person per trip.
¶One morning to Ted's SUPERlative surprise,
Three CUSTOMERS came into view,
A Mr. and Mrs. ... RAMSbottom it were,
And Albert, their little son, too....)]
- TRW says it plans to eliminate 16% of aerospace jobs, Bloomberg via NYT, C4.
...1,100 aerospace jobs...to cope with slowing demand for commercial aircraft products aggravated by [9/11]. About half the jobs to be eliminated are in Britain. About 300 temporary workers will be laid off immediately and the rest by the end of 2002.... The division [which] makes engine and flight controls..\..employs about 6,900.
[So they could have done this non-traumatically with a 16% timesizing within the division, kept their morale and skillset intact, and avoided their little push to their own markets' death spirals.]
Airlines have pared about a fifth of scheduled flights since 9/11.... TRW is based in Cleveland.
- Peace Corps calls 311 home from Asia - 'We felt safer in Turkemenistan back in our little villages than we did coming back to America', by Robert Schlesinger, BG, A7.
...In all, the Peace Corps evacuated 311 volunteers last month from Afghanistan's neighbors Turkmenistan, Uzbekistan, and Kyrgyzstan.... Since the former Soviet republics opened to the Peace Corps in 1993, more than 1,200 volunteers have worked in the three countries. While the Peace Corps received no direct threats to the volunteers in the countries around Afghanistan, the agency moved quickly to consolidate and then evacuate the volunteers there....
[Shheeey-yit, does that mean we have to find jobs for 311 more people in a recession, or can we quick-shick them out to Salvador or Somalia or some other "safe" venue?]
Both...relished the opportunity to dispel some of the perceptions about Muslims. "They're nothing like the extremism of what's on TV," Pacheco said. "I'm glad that I get to give a little cross-cultural education and religious education here in America"..\..
- Lucas Simmons, who had been teaching business at a university in Karacol, Kyrgyzstan...had been abroad for four months, and like others who had not served much of their two-year terms, he may be reassigned.
- Others who had been abroad longer, like [Shawnte] Pacheco, who had been in [Yalkym,] Turkmenistan for two years, are now finished with the Peace Corps experience, albeit abruptly..\.. Less than two week [after 9/11] she was back in the United States, readjusting to America and starting to look for a paying job....
Simmons recalled that in the days after the attack, total strangers would pull him aside in the street to express their sorrow. "The Muslims that I knew and saw - they were drinking, they weren't any kind of radicals or anybody who was really orthodox or intense about their religion," he said. "I didn't see any connection with the kind of Muslims that you find in Iran or Afghanistan."...
[Thanks, kids. We need to hear that. Seriously.]
- E-mail provider cuts back, Bloomberg via NYT, C2.
Tenzing Communications, which provides in-flight e-mail messaging and is partly owned by the European plane maker Airbus, will cut more than half of its work force because of decreased demand for air travel after 9/11. The company, based in Seattle...[will] cut 80 of 150 jobs.... Its rival, Boeing's Connexion in-flight internet unit, said last month that it would cut 200 of 600 jobs.
[This Boeing 200 are presumably included in Boeing's 20-30,000-cut announcement on 9/19/2001 #1.]
- Citing finances, Holland Mark Advertising closes, by Stuart Elliott, NYT, C4.
...in Boston...after 15 years in business, citing problems with clients in financial difficulty...like Polaroid..\.. The closing is a "direct result of being owed in excess of $5m".... At the time of its closing, Holland Mark had 55 employees....
- Brill's Content closes..., by Felicity Barringer, NYT, C4.
...Yesterday, after sputtering for years, the vision died. Brill's Content magazine suspended publication, ending a three-year run of dissecting the personalities, obsessions and machinations of news organizations...amid the brutal business climate of 2001..\.. The decision was announced by Mr. [Steven] Brill, who had failed, after weeks of negotiation, to reconcile...supporting his struggling publication with the needs of Primedia, his publicly held partner, to appease dissatisfied shareholders by cutting costs.... Thirty-eight employees will be laid off as a result of the dissolution of the partnership of Primedia and Brill Media Ventures, including David Kuhn, the editor of Brill's Content for the last 18 months and, for the last three months, the editor of Inside.com... All employees have been assured four weeks of severance pay....
About 18 months after the magazine's beginning...Mr. Brill brought Mr. Kuhn in as editor.... Shortly thereafter, it changed its publication schedule from a monthly to 10 times a year, and cut its size. Earlier this year [see 4/03/2001 #5], it downsized again, and decided to publish quarterly..\.. Asked about the extent of the financial losses of Brill Media Ventures, Mr. Brill said only: "It's safe to say we all lost money. Our net worth was not greatly diminished."...
[So it is, in a time of astronomical concentration of income and wealth. They don't really care. They're just playing. And that ain't a feedback system.]
- Brill's Content closes; Web site, Inside.com, is cut back, by Felicity Barringer, NYT, C4.
...While Brill's Content shuts its doors, Inside.com, the Web site whose aggressive and sassy coverage of the media industry quickly earned it prominence when it started in the spring of 2000, will lose its dedicated reporting staff and will be remade into a portal for the articles of its owner, Primedia....
[Unspecified jobs lost.]
- Brill's Content closes..., by Felicity Barringer, NYT, C4.
...Yesterday's announcement came less than three weeks after Mr. [Steven] Brill shut down another venture, Contentville, a Web site created early in 2000 in partnership with Primedia, NBC and CBS, among others....
[Unmentioned in NYT or BG at the time. Unspecified jobs lost.]
- Cantor Fitzgerald shuts Frankfurt and Paris offices, Bloomberg via NYT, C4.
...as it tried to reduce expenses. The 56-year-old firm...shifted most trading to its eSpeed Inc. unit, an electronic trading system [whose] operations would be handled by the London office....
[Unspecified jobs lost.]
Click here for downsizing stories in -
Earlier Y2000 months accessible via links at bottom of Dec.1-15/2000 page.
Earlier 1999 months accessible via links at bottom of Dec/1999 page.
Earlier months accessible via links at bottom of Dec/98 page.
For more details, our laypersons' guide to our great economic future Timesizing, Not Downsizing is available at bookstores in Harvard Square, Cambridge, Mass. or from *Amazon.com online.
Questions, comments, feedback? Phone 617-623-8080 (Boston) or email us.
Return to Top |
Return to Home Page