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Downsizings, Apr. 1-15, 2003
[Commentary] ©2003 Phil Hyde, The Timesizing Wire, Box 117, Harvard Square, Cambridge MA 02238 USA (617) 623-8080


4/15/2003   2 downsizings, totaling 3,300 lost jobs, mentioned in Wall St Journal & NY Times -

  1. Britain: Steel employees protest, by Christine Whitehouse, NYT, W1.
    ...Corus, the world's 4th-largest steel maker...angered labor unions earlier this month when it announced a new executive bonus plan, which is no longer linked to profitability, just days after warning of plant closings and 3,000 jobcuts to stem losses of about £400m ($629m) a year....

  2. Hillenbrand Industries to cut up to 300 healthcare jobs, Bloomberg via NYT, C4.
    ...salaried positions in [its] Hill-Rom healthcare unit..\..as it overhauls [that] unit. The cuts affect about 5% of the unit's employees and will take place over the next year. \The\ leading maker of coffins, hospital beds and incubators [is] based in Batesville, Ind....
    [Truly cradle to grave!]

4/12/2003   3 downsizings, totaling 437 lost jobs, mentioned in Wall St Journal & NY Times -
  1. A.I.G. to cut 211 jobs in consolidation after acquisition, Bloomberg via NYT, C4.
    The American International Group, the insurance company, said its American General Corp. life insurance unit would cut...support-staff jobs in Dallas during the next 8 months. The layoffs are in addition to the 1,500 jobs [see 9/06/2001 #1] the company, which is based in New York, announced it would eliminate in the 12-18 months after it acquired American General for $23B in August 2001. AIG, which has 80,000 employees, bought American General, which is based in Houston, to gain $120B in assets, 12m customers and $400m in pre-tax cost savings....
    [So they realize cost savings and get more customers by laying off their customers' customers?]

  2. Cathay Pacific and Singapore Air cut back on Asian service because of deadly virus - The public lacks confidence in flying, regardless of fares, by Keith Bradsher, NYT, C3.
    ...Singapore Airlines [will] cut 19.7% of its flights [to] last through the end of May; ...the figures include the more modest reduction...in service announced in the last 2 weeks.... Singapore Airlines [is] dismissing 206 trainees who were preparing to become pilots but had not begun flight training.... Singapore moved to limit entry by foreign workers from SARS-affected areas this week, and nurses are at the airports screening arriving passengers.... Singapore Airlines also canceled service to San Francisco by way of Hong Kong, where by far the most SARS cases have been found; flights will be added to San Francisco by way of South Korea instead....

  3. Duke Energy to shut a trading business, Bloomberg via NYT, C4.
    ...A leading owner of utilities will shut its speculative energy-trading business in North America to reduce collateral payments and preserve its credit rating. Duke Energy North America, which owns unregulated power plants, will cut about a dozen energy-trading jobs, and about 8 workers will be transferred within the company... Duke, which is based in Charlotte NC had been trading crude oil, natural gas and electricity since the mid-1990s....
    [So, total is a dozen + 8 = 20 jobs lost.]

4/11/2003   6 downsizings, totaling 8,600 lost jobs + unspecified, mentioned in Wall St Journal & NY Times -
  1. Airline firm to cut 4,000 jobs in latest restructuring plan, Dow Jones via WSJ, C9.
    SAS AB...plans to...freeze wages, increase flying time for pilots [the opposite of Lufthansa, see 4/05-07/2003] and redistribute its airliner fleet. The steps mark the Swedish-Norwegian-Danish company's 3rd round of restructuring efforts in a year and a half.... The bulk of the [cost] savings will come from Scandinavian Airlines, SAS's struggling tri-nation flag carrier that acounts for about 50% of group sales....

  2. State Street Corp., Dow Jones via WSJ, C9.
    ...will pare as many as 1,800 jobs, or about 8% of its workforce, as part of a broad effort to cut $125m in costs during the rest of 2003.... The financial services firm trimmed jobs several times last year and said it would cut 1,000 more [2/13/2003 #2] as a result of its $1.5B purchase of Deutsche Bank AG's global securities-services business, announced last fall. The new round of jobcuts, which are in addition to those associated with the Deutsche Bank acquisition, will come from all levels of the company. State Street said it hopes to make most of them through voluntary early retirement and buyouts.

  3. Job cutbacks at networks unit are response to soft demand, Dow Jones via WSJ, C9.
    Nokia Corp...plans to cut more than 10% of the jobs at its networks unit and streamline R&D spending, as it seeks to return the division to profit amid soft demand from telephone operators. The world's largest mobile-phone maker warned in March that its networks unit would report a substantial Q1 loss and said it would announce further cost cuts this month. About 1,100 of the 1,800 layoffs will come in Finland, where Nokia is based. The cuts will reduce the unit's workforce to 15,000 from 17,300 at the end of 2002, when the company had about 51,750 employees worldwide....
    [17300-15000= 2300, -1800= 500. Where's the other 500 jobcuts? Maybe they're the 550 reported on 2/13/2003 #3.]

  4. Telstra Corp., Dow Jones via WSJ, C9.
    ...Australia's largest telecom company\'s\ union said the company was preparing for a fresh round of jobcuts as [it] tightens its belt amid difficult market conditions. An official from the Communications, Electrical & Plumbing Union [CEPU] said Telstra its likely to lay off about 800-1,000 people from its local workforce during the next few months. ...Senior [company] executives briefed CEPU officials Wednesday on cuts in jobs and spending....

  5. Per-share loss in quarter is result of dividend payout, Dow Jones via WSJ, C9.
    Rite Aid Corp., Camp Hill PA turned a profit in its fiscal Q4 after an extraordinary gain, but a dividend payout resulted in a per-share loss.
    [Stupidly high dividend payout.]
    The year-earlier quarter included $210.2m in charges, mostly related to store closings....
    [Unspecified jobs lost.]

  6. Nostalgia abounds as the Concorde's end is set, by Alan Cowell, NYT, W1.
    LONDON...- After 27 years of supersonic travel lofting rock stars, executives and the rest of the champagne set across the Atlantic, British Airways and Air France said [yester]day that they would retire their fleets of Concordes this year....
    [Unspecified jobs lost.]

4/10/2003   2 downsizings, totaling 2,005 lost jobs mentioned in Wall St Journal & NY Times -
  1. Tool firm to trim work force, issues warning on earningsDow Jones via WSJ, B7.
    Stanley Works plans to cut its workforce 6.7%...as it...expects to report earnings below prior estimates. Citing pricing pressures and lower sales volume marked by a weak global economy, harsh winter weather and other factors, the New Britain CT hand-tool company...is eliminating more than 1,000 of its 15,000 jobs as it closes 4 manufacturing plants and 5 warehouses....
    [6.7% of 15,000 is 1005 jobcuts.]

  2. Australia: Cuts at Qantas, AP via NYT, W1.
    The Australian flag carrier [will] lay off 1,000 workers or 2.9% of its workforce before the end of June in response to the decline in business resulting from the war in Iraq and the outbreak of severe acute respiratory syndrome [SARS]. Qantas, which employs about 35,000 people,...reduced international services by up to 20% from April to July because the war, terrorism threats and the disease were causing people to fly less. The CEO, Geoff Dixon, said the staff cuts would cost the company about Austral.$60m (U$36m).
    [Compare out previous intimation of cuts on 3/29/2003 #3.]

4/09/2003   3 downsizings, totaling 3,818 lost jobs mentioned in Wall St Journal & NY Times (not counting industrywide "House backs aid to airline jobless, opposing Bush," by David Rogers, WSJ, A6, indicating seriousness of airlines' downsizing) -
  1. New York City adds 3,200 school jobs to its list of layoffs, by Jennifer Medina, NYT, A19.
    ...most of them part-time school aides. The plan is not likely [its their plan and they don't know?!] to affect teachers or instructional aides, who are protected from layoffs under the teachers' [union] contract..\.. The NYT Dept. of Education['s] announcement came just a day after the Bloomberg administration announced it intended to lay off 3,400 city employees in other departments and to close several firehouses....
    [See yesterday #2. This totals 3400+3200= 6,600 NYC layoffs so far. Next will be on 5/17/2003 #1.]

  2. Tecumseh Products to move production out of U.S., Bloomberg via NYT, C4.
    ...A leading maker of engines for lawn mowers will close its plant in Douglas GA and lay off 550 employees.... The jobcuts, to begin June 6, represent 2.4% of the company's global workforce.... The company, based in Tecumseh MI, is moving manufacture of engines to low-cost plants in India, Brazil and the Czech Republic to reduce expenses as customers demand lower prices, Tecumseh's CFO, David Kay, said.
    [How patriotic can you get?]
    The company, which also makes air conditioning compressors, pumps and motors, has moved more than half of its production outside the U.S....
    [America's economic death spiral picks up a little speed.]

  3. A. Schulman Inc., NYT, C4.
    ...Akron OH, a maker of plastics used in artificial turf, videocassettes and steering wheels [will] end production at a plant in Orange TX and trim 68 jobs, or about 3% of its workforce.

4/08/2003   7 downsizings, totaling 9,565 lost jobs mentioned in Wall St Journal & NY Times (not counting economywide "Five signs of a desperate job seeker," by Kemba Dunham, WSJ, B8, and industrywide "Airlines set more flight cutbacks," by Ann Keeton, WSJ, D3 and "Airline layoffs raise concerns about safety - Regulators step up oversight, but critics say they lack staff to properly monitor maintenance," by Andy Pasztor, WSJ, D1 {vs. "Fewer passengers, better service," WSJ, D3} ) -
  1. France: Layoffs at arms maker, by John Tagliabue, NYT, W1.
    ...The state-owned..\..GIAT Industries...will close 3 factories and eliminate as many as 3,750 jobs, or 60% of its 6,250 employees, by the end of 2006 in a reorg.   GIAT, or Groupement Industriel de l'Armement Terrestre, which builds the Leclerc battletank as well as artillery pieces for the French military and for export, has not posted a profit in more than a decade. It reflects the downturn in European military spending and increased competition in international arms markets....

  2. New York to lay off 3,400 city workers; Some groups spared, AP via WSJ, A4.
    ...its first significant workforce reduction in more than a decade....
    [From tomorrow's story, 4/09 #1, we learn that these 3400 layoffs were committed "in other [non-school] departments and [in] several firehouses."]
  3. Britain: Lender cuts jobs, by Alan Cowell, NYT, W1.
    After posting its first loss following forays into corporate debt that took it well beyond its traditional role as a mortgage lender, Abbey National [will] cut more than 1,400 by 2005....

  4. MeadWestvaco to close 2 folding-carton plants, AP via NYT, C4.
    ...in Richmond VA and Cleveland TN by the end of June, resulting in the loss of about 455 jobs.... The Richmond plant employs about 320 people, and the Cleveland center employs about 135. ...Corporate operations in Richmond will not be affected....

  5. Philips Electronics NV, Dow Jones via WSJ, B12.
    ...plans to relocate part of its production of electronic razors to China some[t]ime after 2005 [from] a plant in Drachten, in the north of the Netherlands.... A Dutch newspaper Monday reported Philips Electronics could cut several hundred jobs at its Drachten plant, which has a workforce of about 2,000....
    [For "several" hundred we estimate 300 jobcuts.]

  6. Microchip Technology to cut 140 jobs, Bloomberg via NYT, C2.
    ...A maker of semiconductors [plans] to spend as much as $33m to...close its Chandler AZ factory and move some operations and employees to a plant in Tempe AZ..\..as concerns about the war in Iraq and the spread of SARS reduced demand....

  7. Bar code company cuts 120 jobs and warns on earnings, Bloomberg via NYT, C4.
    The Paxar Corp. [i]s cutting...4% of its workforce in the U.S....

4/05-07/2003   4 downsizings, totaling 625 lost jobs + unspecified, mentioned in Wall St Journal & NY Times (not counting 3 economywide items -
  1. 4/07   Unit won't make tissue paper at Old Town ME facility, Dow Jones via WSJ, A17.
    Georgia-Pacific Corp.'s Fort James unit will...cut 300 jobs. ...The facility's remaining 200 employees will continue to make and sell wood pulp. [The] Atlanta-based..\..paper company...said the move was driven by ...The retired tissue machines and converting lines...made 89,000 pounds of tissue paper annually.... The company employs about 61,000 people across North America and Europe.
    [300/61000= 0.5% of total workforce. See their previous downsizing on 4/4/2003 #3 below.]

  2. 4/07   InfoSpace to cut staffing levels, WSJ, A21.
    BELLEVUE, Wash. - ...further by 115 positions under its restructuring plan to streamline operations. The wireless and Internet software company...will have about 475 employees after the most recent cuts. Last October, [it] eliminated 90 jobs.
    [Well we missed that one so now we'll count 115+90= 205 jobcuts.]

  3. 4/06   Starbucks closes shops in Israel, by Vivian Marino, NYT, 3:4.
    Starbucks...closed all of its shops in Israel. The 6 coffeehouses were in Tel Aviv and employed about 120 people. The company blamed "operational challenges," apparently stemming from that country's weak economy, not the turmoil in the Middle East, for the closings....
    [Ri-i-ght. And if you believe that, we've got a nice bridge over here to sell ya.]

  4. 4/05   Transkaryotic Therapies' CFO resigns, Reuters via NYT, C4.
    ...A biotech company whose CEO quit in Feb...is laying off 22% of its workforce and is trying to recover from the rejection of its leading drug [Replagal for Fabry genetic disorder] by a federal regulatory panel....
    [Unspecified jobs lost and The Journal calls it 23%, "Finance chief resigns post, adding to management shift," Dow Jones via 4/07/2003 WSJ, A17.]
4/4/2003   7 downsizings, totaling 5,340 lost jobs + unspecified, mentioned in Wall St Journal & NY Times (not counting industry- & continent-wide "Aid to airlines from Europe is unlikely - Europe is unlikely to aid its airlines in travel slump - Cutbacks and layoffs as war and illness deter passengers," by Christine Whitehouse, NYT, W1, W7.) -
  1. Reduced capital spending, job cuts planned this year, Dow Jones via WSJ, C7.
    Dow Chemical Co. plans to cut 3,000 to 4,000 jobs in a move to lower costs.... The Midland, Mich., chemicals company...plans to close underused and noncompetitive assets, including plants in Texas and Italy, and plans partial shutdowns in Louisiana and Canada. Dow Chemical has 50,000 employees.... Dow Chemical in 2002 had a net loss of $338m or 27 cents a share on sales of $27.43B...including...and accounting adjustment....
    [So this round is 4000/50000= 8% of the total workforce.]

  2. Midas to quit parts business and cut 800 jobs, Reuters via NYT, C4.
    ...in the U.S. and Canada..\.. The automotive services company [is] exiting parts distribution.... The retailer AutoZone ha[s] agreed to distribute parts and accessories to Midas's 1,670 auto service shops in the U.S. Midas [plans] a similar measure in Canada. As a result, Midas [will] close its distribution centers...together with a previously announced sale or closing of most of Midas's Parts Warehouse network....

  3. Georgia-Pacific, NYT, C4.
    ...Atlanta, the producer of paper and building products [will] close its particle board production plant in Oxford, Miss. The plant has about 170 employees.

  4. International Flavors & Fragrances - Quarterly earnings to include $13m jobcuts expense, Dow Jones via WSJ, C7.
    ...The New York aroma and flavor maker...has recently cut 150 positions in its North America and European operations as part of its reorganization plan begun in October 2000. At the end of 2002, IFF had 5,728 workers.
    [This is the most destructive, recession-inducing type of company because it's cutting employment unnecessarily -]
    Including the jobcut expense, which is 14 cents on a per-share basis, the company expects to report earnings of 33-36 cents a share. IFF expects to report that sales grew 5-6% from a year earlier, excluding $5.1m in sales generated in 2002 by business that the company later sold....
    The company also raised the estimated cost of its reorg plan, which has included management changes, plant consolidations and jobcuts, to $110m from a previous estimate of $90-100m.

  5. Alliance Resource Partners, NYT, C4.
    ...Tulsa, Okla., an operator of 8 coalmines in 4 states, will eliminate 120 jobs and end production at a complex near Madisonville, Ky., in June because of reduced demand for coal.

  6. Buckeye Technologies, NYT, C4.
    ...Memphis, the world's largest maker of cotton-linter pulp [huh?] used in food casings and stationery, plans to lay off 100 workers at a plant in Lumberton, NC, and consolidate production of the pulp at a larger plant in Memphis.

  7. Squeezed, a jewelry designer closes shop, by Tracie Rozhon, NYT, C1.
    Angela Cummings is taking her diamonds and going home. Ms. Cummings, one of the country's best-known jewelry designers, is closing her Manhattan office, paying off her staff and withdrawing all her diamond, gold, moonstone and enameled inventory and closing down boutiques in her 2 main outlets, Bergdorf Goodman and Neiman Marcus, effective June 1....
    [Unspecified jobs lost.]
    ...Her departure is sending the word, not only through the high-price jewelry world, but through the fashion community as well, that even when a designer is doing "well" [our quotes], staying in business may not be worth it. In the present difficult retail environment, both apparel and jewelry designers say that department stores are trying to squeeze more money from them.
    "The way retailing is going these days - I don't want to get negative - but the market is generally oversaturated with jewelry," Ms. Cummings said earlier this week.
    [So there it is even in the luxury markets. Excess inventory. Over-production. Productivity regardless of declining marketability. The self-defeating triumph of supply-side economics. "If you build it, they will come" - but they didn't. "If you produce it, they will buy" - but they don't. Because they don't have the money. YOU do. You in the top income brackets have sooo much unspendable spending power, thanks to the power-draining surplus of labor that you have allowed to build up, nay, fostered, by freezing the workweek at its 1940 level regardless of advancing efficient technology to a 2003 level, that you have succeeded in suctioning the markets away from your own gargantuan investments. It happened in ancient Rome, it happened quickly after World War I, and now it's finally happening after World War II, decades longer not only because of the little wars - Korea, Vietnam, Iran, Panama, Grenada, Gulf I - that took out some of the building labor surplus, but also because of the inefficient but nonetheless somewhat ameliorating socialism in the basement of the federal, state and municipal government's of the nation that revved up in 1933 to postpone confrontation with the maldistribution question. But now that you have squirmed this way and that trying not to face the music, it's baaack again. And it's really not so bad. In fact, it's absolutely wonderful compared to what we are sinking into. The easiest maldistribution to correct and automate first is the maldistribution of natural market-demanded worktime per person and the gross maldistribution of marketable skills. Colleague Kate makes big bucks doing what increasingly amounts to secretarial work for a major high-tech company, because they've laid off all their support staff. Fearless Phil makes zero for elaborating the macroeconomic solution and honing the next great economic design, and its successors. It's crazy, absolutely nuts. And meanwhile people are running out of unemployment benefits, then welfare benefits, then people are accumulating on disability, the streets, and the nation's prison yards. And now that we've clobbered retirement, we'll see more and more elderly people on disability, the streets and prison yards. Yet it's sooo easy to shift in the upward direction again. But we need a new technology of sharing. And the gentlest, most gradual and market-oriented and bidirectionally flexible and automatable and playing-field levelling and investment-firming way to do it all, simply by doing at the economic central core instead of addressing everywhere else but, is Timesizing.]

4/03/2003   6 downsizings, totaling 1,270 lost jobs, + unspecified, mentioned in Wall St Journal & NY Times -
  1. Hydraulic equipment maker to cut jobs at 5 plants, Bloomberg via NYT, C4.
    The Eaton Corp., a leading maker of hydraulic equipment, will consolidate 5 plants and cut an unspecified number of jobs after having completed the purchase of Delta's electrical unit. About 1,700 of Eaton's 51,000 employees work at those 5 factories, which are in Britain, Australia, and the Netherlands....
    [Unspecified, unschmecified. We're going to estimate and count 50% or 850 of the 1700 jobs at those 5 consolidating plants.]
    Eaton, based in Cleveland, bought the unit on Jan. 31 from Delta, a metal-galvanizing company based in London....
    [Another case of the toxic takeover-downsizing slide.]

  2. Atlas Air Worldwide Holdings cuts 30% of ground staff but may lose listing, Bloomberg via NYT, C4.
    ...The company..\..has eliminated 170 ground-staff positions - 65 in Purchase NY, 32 in Miami, and 28 at other locations, 45 open positions will not be filled - for a savings of $14m a year.... The company will have 1,275 total workers and 560 ground employees after the cuts.... The company, based in Purchase NY, said that the NYSE told it on March 21 that its share price had fallen below the $1 minimum required for listing.

  3. Oxford Automotive, NYT, C4.
    ...Troy, Mich., said it would close a stamping center in Masury, Ohio, by Oct., 2003. The plant has 130 full-time employees.

  4. Goldman Sachs Group cuts 100 traders, staff, by Karen Talley, Dow Jones via WSJ, C5.
    ...stock traders, salespeople and related staff, bowing to the dearth of business that followed a big buildup during the bull market for stocks. The layoffs account for 3% of the securities firm's 3,000 stock traders, trade-processing personnel and related staff worldwide, with most of the cuts occurring in New York, where Goldman and most investment firms do much of their business. While many senor traders are being dismissed, Goldman doesn't appear to be taking the course of other investment firms in terms of firing trading desk heads and operations chiefs....
    [Duplicate announcement, with number halved? -]
    Goldman Sachs Group cuts 50 jobs as industry shakeout continues, by Kopin Tan, Dow Jones via 4/4/2003 WSJ, C14.
    Continuing its cost-cutting, Goldman...handed out pink slips to about 50 traders and clerks in its options-specialist and market-making group.
    [Of course, this could be completely different from the 100 "stock traders, salespeople and related staff" mentioned above, except for the next sentence which doesn't mention a separate round of cuts the day before -]
    The layoffs follow an earlier round of jobcuts in February, when the Wall Street firm dismissed about 20% of the more than 220 people in its SLK-Hull Derivatives unit. SLK-Hull, one of the largest U.S. options specialists, has slightly more than half of the staff with which it started the year....

  5. Isis Pharmaceuticals to cut jobs after drug fails test, Bloomberg via NYT, C4.
    ...9% to cut costs. Most of the cuts are associated with an experimental cancer drug, Affinitak, which...failed a study that was...required for approval. Isis will have costs in Q2 of about $1.8m related to the layoffs. Isis is trying to cut expenses because the Affinitak delay means the company will have less revenue in 2003 than expected....
    [They're telling us everything but what we need. Sooo, we had a story on 1/19/2000 that said Isis was cutting "its work force by almost 40%, or 140 jobs." Say 140 is 39%. Then the whole workforce was 140/39x100= 359 before the cuts. Let's assume we would have heard any cuts in the meantime and since we haven't, there weren't any. Therefore we'll assume the post-cut workforce of 359-140= 219 was stable until now, and that the current 9% cut means 9% of 219 = 20 jobcuts.]

  6. Ailment's economic impact on Asia: flights, GDP forecasts cut - Exact appraisal premature; analyst invokes '97 crisis, Thailand invokes leprosy, WSJ, A13.
    ...Hong Kong Dragon Airlines, which focuses on the Greater China market, [will] cut 25% of its passenger capacity for April....
    [Unspecified jobcuts.]

4/02/2003   4 downsizings, totaling 5,050 lost jobs, mentioned in Wall St Journal & NY Times (not counting potential "Backup New York City budget includes layoffs of 15,000," by Michael Cooper, NYT, A20) -
  1. AMR to reduce pilot force by 20%, by Scott McCartney, WSJ, A2.
    AMR Corp.'s American Airlines will fly its current schedule with...fewer pilots - a sharp sign of the...productivity improvements is expects to achieve as a result of tentative cost-cutting agreements with employees that helped the carrier avoid a bankruptcy filing.
    ...American will shed 2,500 pilot jobs this year, including retirements. The airline already has more than 1,000 pilots on furlough, and the new layoffs will drop a pilot corps to 10,000 from about 13,500.
    "If we did not agree to these concessions, it became quite obvious...that a bankruptcy judge would dictate the terms to us, and the cuts would be even deeper," John Darrah, president of the APA [Allied Pilots Assn], said in an e-mail to union members....

  2. Netherlands: Airline cutting jobs, by Gregory Crouch, NYT, W1.
    KLM Royal Dutch Airlines [will] cut thousands of jobs to try to counteract all of which caused] a worsening slump in passenger traffice.
    [Let's translate "thousands" into the most conservative estimate of 2,000 jobcuts.]
    [Followup -]
    Aid to airlines from Europe is unlikely - Europe is unlikely to aid its airlines in travel slump - Cutbacks and layoffs as war and illness deter passengers, by Christine Whitehouse, 4/4/2003 NYT, W1, W7.
    ...KLM said on Wednesday that it would lay off "several thousand" of its 33,000 employees and reduce capacity by 20% on routes to the U.S. and the Middle East and 5% within Europe....
    [The wording "several thousand" would support a conservative estimate of 3,000 instead of just 2,000, but we'll wait now for something more definite on this.]

  3. Software maker's 450 job cuts are tied to new services unit, Dow Jones via WSJ, B10.
    Computer Associates International Inc...is eliminating...about 3% of its worldwide workforce [as a] result of its creation of a technology-services unit, which will combine The Islandia NY company...expects the move to generate quarterly savings of about $10m \after\ $15m in additional costs to be recorded in its first fiscal quarter ending June 30....

  4. International Multifoods Corp., Dow Jones via WSJ, B10.
    ...the Minnetonka MN food-products company...whose products include Pillsbury desserts and baking mixes and Pet evaporated milk...plans to eliminate 100 full-time positions by reducing production at its Sedalia MO food-service plant and closing 2 small foor-service facilities in Massachusetts by the end of June. The company current employs 2,400 people....

4/01/2003   2 downsizings, totaling 677 lost jobs, mentioned in Wall St Journal & NY Times (not counting industrywide and statewide "Mass layoffs threatened for teachers in California," by Dean Murphy, NYT, A12, and economywide "Caution grows in a job market waiting for signs of war's end," by Dunham & Maher, WSJ, B8) -
  1. Kmart to cut 660 jobs, including 400 at headquarters, Reuters via NYT, C4.
    ...including 15% of its HQ staff, to save $150m a year as it works to emerge from bankruptcy. ...The latest cuts involved 400 jobs at its corporate HQ, 123 corporate-support positions elsewhere, and 137 positions that are open. Kmart has also closed 600 stores and cut 50,000 store-level jobs. Stores and distribution centers are not involved in the latest cuts. Kmart filed for bankruptcy in January 2002 and is aiming to emerge from the Chapter 11 process by the end of April.

  2. Edgar Online to cut 18% of work force, Bloomberg via NYT, C7.
    ...The Internet-based provider of SEC filings plans to eliminate...17 people from 94, said Jay Sears, a company spokesman. The company sells subscription products, data and services to financial institutions, corporations and law firms.... Edgar Online expects Q3 revenue to decline from the period a year ago....
    [Self-fulfilling prophecy?]


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