Con-Way, the San Mateo shipping company, announced taking several actions to “reduce expenses and maintain a strong cash position in response to the declining economy.”
The company is suspending its contributions to employees’ Read the rest of this entry »
IPass chief executive Evan Kaplan said the company has “initiated a reduction in force that will affect a total of approximately 70 people from a global workforce of approximately 520,” in order to “free up resources” for strategic investments he wants to make to transition the supplier of remote access tools for mobile workers to “3G mobile broadband.”
A more prosaic reason given for the job cuts was Read the rest of this entry »
Zilog of San Jose is the latest chip maker to announce job cuts and salary reductions, along with a 23 percent drop in sales for its fiscal 2009 third quarter compared with the year-before quarter and a more than doubling of its net loss.
“The rapid contraction in the global economy and the clouded outlook for demand has caused us to take significant cost reduction actions that included a 35 percent reduction in our worldwide headcount and a 10 percent salary reduction for all of our North America employees along with executive staff.” said Darin Billerbeck, Zilog’s president and chief executive officer.
In August, the company reached a temporary truce with Bryant Riley, its largest shareholder, who wanted to nominate his own director to the board and sought changes to the company’s by-laws.
Actel, the Mountain View based maker of low-power and mixed-signal programmable chips, announced today “a company-wide restructuring plan that embodies a shift in corporate philosophy making profitability more important than sales growth.”
The company said it expects to incur charges of Read the rest of this entry »
Valley Fair’s owner, Westfield Group — the world’s biggest shopping-center owner by market value — is set to offer 276 million shares at $10.50 each, 13 percent below where they ended in trading on the Australian stock exchange Monday, in an effort to pay down its debt, according to a story by Bloomberg News.
Sales dropped 6.8 percent in the final quarter of 2008 at specialty stores in U.S. malls operated by Westfield compared with the year-earlier period, Bloomberg reported. Occupancy at Westfield’s U.S. malls fell to Read the rest of this entry »
Commercial property owners in Silicon Valley are facing their most inhospitable environment in two decades, according to a press release put out by Cornish & Carey Capital, the financing arm of the Santa Clara-based commercial real estate broker that is touting the launch of a new division specializing in “distressed assets.”
”For the first time since the 1980’s, owners are Read the rest of this entry »
Williams-Sonoma, the San Francisco purveyor of home products, said today it will be laying off about 1,400, or 18 percent of its staff, and closing a call center in Pennsylvania and a distribution facility in Tennessee in an effort to cut its overhead costs by $75 million.
The actions are to be completed by the end of the month and will cost about $14 million to $15 million to accomplish, mostly in severance and lease-related costs. The moves will save an estimated $60 million in 2009, and another $15 million in savings will be accomplished in cost reductions related to catalog catalog production, supply chain operations, and information technology.
Intel said Wednesday it would restructure its manufacturing operations, halting production at five older factories. The company will also close two existing assembly test facilities in Malaysia and the Phillipines.
The chip maker said it expects the restructuring will affect between 5,000 and 6,000 employees, although not all would necessarily lose their jobs as the company siad some would be offered positions at other facilities.
The move comes on top of rumors that Intel may post its first quarterly net loss in 22 years when it releases results in April for its current quarter.
Intel said that it is uncertain whether or not it will be able to report a profit for its current quarter, according to a memo its chief executive, Paul Otellini, sent to the chip makers employees last week, a copy of which was obtained by Bloomberg News Read the rest of this entry »
Plantronics, the Santa Cruz maker of headsets said last week that it plans to cut 18 percent of its workforce, or about 900 jobs, “effective immediately”, the same day that it warned that its sales for its fiscal 2009 third quarter would be about $184 million, lower than the guidance range it had previously given of $205-$220 million.
The company blamed the shortfall on Read the rest of this entry »
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