6/29/02
C-Cor.net Corp. is blaming Adelphia Communications'
bankruptcy filing for its decision to lay off about 260 workers.
C-Cor, a State College, Pa., maker of cable-television transmission
equipment, said it was trying to decide whether to write off all
or part of the $42 million that the cable-television company owes
C-Cor.
6/29/02
Manugistics
Group Inc. reported a wider fiscal first-quarter loss on a hefty
drop in revenue as customers delayed orders. The business-software
maker said it will cut its work force by 12%, or 180 employees.
6/27/02
Qwest Communications International
said that it asked employees to take unpaid leave, as the No. 4
U.S. local telephone company tries to cut costs and pare its $26
billion debt load.
6/27/02
Motorola plans
to cut 7,000 more jobs and take $3.5 billion in charges, largely
related to the restructuring of its chip-making unit.
6/27/02
Digex, Incorporated
announced today a reduction of 86 positions, or approximately 7%
of the overall workforce. The initiative results from an overall
long-term effort to align expenses with revenues, focusing on the
ability to leverage efficiencies and eliminate functions not core
to the business.
6/27/02
CNET
Networks Inc. lowered its second-quarter revenue guidance and
said it plans to lay off about 10% of its work force. The Internet
publisher said the layoffs are part of its continuing efforts to
trim costs. The company, which currently has about 1,900 employees,
has been hurt by weak technology spending and the online advertising
slump.
6/26/02
Alcatel issued
a profit warning, cutting its revenue forecast. The French telecom-equipment
maker also announced 10,000 additional layoffs.
6/26/02
Neon Communications Inc., Westborough,
Mass., filed a voluntary petition for Chapter 11 bankruptcy protection
in a federal court in Delaware. Chief Executive Stephen Courter
said Neon is "hopeful" it will emerge from bankruptcy protection
within 60 to 120 days. The company, which owns and operates a fiber-optic
network, aims to reduce its debt by about $250 million through the
Chapter 11 filing and restructuring plan, which was approved by
holders of more than 90% of Neon Communications' 12.75% senior notes,
according to court papers.
6/26/02
ADE, which provides measurement and
testing services for silicon wafers used in microchips, posted a
loss on Tuesday for its fiscal fourth quarter, and said it expects
further office closures this quarter. The company said head-count
reductions that began in the fourth quarter have continued in this
quarter, and it also said that it is closing some satellite offices.
6/25/02
WorldCom uncovered
what may be one of the largest accounting frauds ever with the discovery
of $3.8 billion in expenses that were improperly booked as capital
expenditures.
6/25/02
Adelphia
filed for bankruptcy-court protection amid probes into some of the
largest self-dealing in U.S. corporate history.
The company
secured $1.5 billion in financing, which will allow it to continue
operating.
6/25/02
Yahoo
will shut down its broadcast financial news and radio programs as
part of a cost-cutting drive. Fewer than 30 jobs will be eliminated.
6/24/02
Sierra Wireless, maker of wireless Web access cards for
Verizon Wireless and other cellular providers, will phase out some
of its products and lay off a third of its 275 employees,
in an effort to cut costs.
6/24/02
Citing a
decline in customer demand amid a broad telecom industry slump,
optical networking company Tellium said Monday that it will
cut 200 jobs, or about 37 percent of its work force, and will take
a $165 million charge to write down the value of its assets.
6/24/02
Bankrupt telecommunications company Metromedia Fiber
Network is shutting down data centers in Los Angeles and San
Francisco as it undergoes Chapter 11 restructuring. MFN is shutting
down the data centers by the end of June because they are underutilized.
MFN notified the centers' customers of the shutdown and offered
to move them to the company's San Jose, Calif., facilities. Fifty-six
customers in Los Angeles and San Francisco will have to relocate
or find a new service provider.