Recently the local Circuit City in my town closed down. Sure enough I knew it was a sign of decreasing sales. Well Circuit City is now forced to liquidate, which means good buys for bargain hunters and sad times for employees. It is said that they will liquidate 567 of their very own! Other liquidators include Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC, and Tiger Capital Group LLC. THIS RECESSION IS NO JOKE!
Must I explain more? The recession has been hitting everyone at this point. Motorola is no stranger. They have to cut 4,000 employees…Again I feel sorry for the males, females, families, that are losing because of the recession. May all of you find better jobs in the near future
With the downturn in the economy, powerhouse Logitech has announced that their restructuring for the economic environment includes sending home 15% of their salaried workforce worldwide.
With the recession going on, I can’t help but feel bad for the individuals that lost their job. I truly hope everything turns out for the better soon, real soon.
Bizjournal’s recent article on Aruba displays that they are in one tough situation. I’ll share it with you guys:
“Aruba Networks Inc. late Thursday said it will cut staff and reported a first quarter loss of $6.4 million, or 8 cents a share, widened from a loss of $600,000, or a penny a share in the same period last year.
Sunnyvale-based Aruba (NASDAQ:ARUN), which focuses on wireless LANs and secure mobility, reported revenue of $52.4 million, an increase of 12 percent over the $46.7 million reported in the fiscal first quarter of 2008 and a quarterly record for the company.
Results included $6.5 million of non-cash stock-based expenses and $1.2 million of amortization expense of acquired intangible assets.
Excluding items, the company’s income would have been $1.4 million, or 2 cents a share, compared to non-GAAP income of $4.1 million, or 4 cents a share in the year-ago quarter.
“Entering our second quarter, we remain cautiously optimistic about our year-over-year growth prospects even in the tougher economy,” the company said. “At the same time, we are refocusing our efforts to improve our profitability and believe that we can achieve greater operating leverage by examining costs throughout our business.”
Aruba said it is reducing operating expenses by approximately 10 percent through a combination of a reduction in work force and reducing other non-headcount related expenditures. Net expense associated with the reduction in work force, which is primarily for severance and severance benefits, is expected to total approximately $1.2 million, which the company expects to incur in the fiscal second quarter.
Aruba did not say how many jobs would be eliminated.”
It seems like the recession has been hitting them hard. It’s a shame that a lot of their employees will now be laid off as a result. I believe that if you have to lay off your employees because of your financial situation and not because of their performance, then you are in trouble for failing.
Hip Technology 