7/26/02
SGI
announced new job cuts as it struggles with slow sales. The Mountain
View, Calif.-based company reported a narrowed loss in the fourth
quarter, since it had taken massive restructuring charges and cut
jobs a year ago, but said it would cut an additional 7 percent,
or 320 jobs.
7/26/02
Avaya
Inc. expects to cut about 2,500
jobs as part of further restructuring, and plans to take a charge
of about $150 million in its current fiscal fourth quarter.
7/25/02
JDS Uniphase
Corp. posted a much narrower net loss for its fiscal-fourth
quarter amid hefty charges a year earlier. The firm said it is planning
further restructuring activities under its global realignment program
"in response to the continued business downturn." JDS
said the steps taken will include further reductions of employment
and additional site closures. The company's current global employment
is slightly above 9,000 employees, compared with 29,000 early last
year.
7/25/02
Genuity
Inc., a major carrier of Internet traffic, is in default on
a $2 billion line of credit and a $1.15 billion loan from Verizon
Communications Inc., after Verizon relinquished its right to take
a controlling stake in Genuity. If it can't renegotiate the terms
of its loans, Genuity could follow WorldCom Inc., the nation's largest
carrier of Internet traffic, into bankruptcy protection.
7/24/02
Evolving
Systems Inc., a provider of innovative operations and enhanced
services software products to blue chip clients in the communications
industry, announced that it will eliminate approximately 65 jobs
or 45% of its workforce by the end of 2002. In addition, the Company
will restructure elements of its sales and development organizations.
7/24/02
Software
maker AvantGo reported a narrower-than-expected second-quarter
loss and announced that it will lay off about 40 percent of its
work force.
7/23/02
SBC
said that it's losing share in its local market to companies such
as AT&T, which is in turn is losing long-distance revenue to local
companies. SBC said it will lay off 3,000 workers by October on
top of the 13,000 it has dismissed in the last nine months to trim
costs.
7/23/02
Lucent Technologies said
it will cut 7,000 jobs, or about 13% of its work force, as it attempts
to cope with a seemingly endless contraction in spending on telecommunications
equipment. The company expects to shed an additional 1,000 jobs
through attrition, bringing its work force to 45,000 by year end.
7/23/02
Utility
concern Pinnacle West Capital Corp. said it will cut between
500 and 600 jobs, or 7% to 8% of its work force, citing a sharp
decline in energy-trading profit margins. Pinnacle West, Phoenix,
is the parent of Arizona Public Service Co., which sells electricity
and energy-related products and services to wholesale and retail
customers in the western U.S. Pinnacle, which employs about 7,200
people, also develops real-estate projects.
7/22/02
HereUare Communications' wireless
Internet network faces a shutdown in the next two weeks if a buyer
isn't found for the longtime Wi-Fi company soon.
7/22/02
Telecommunications software provider Comverse Technology
said that it would cut some 21 percent of its work staff to
cut costs and better weather the ongoing capital spending slowdown
in the telecommunications industry.
7/21/02
WorldCom filed Chapter 11 bankruptcy protection in the
largest U.S. insolvency after the long-distance telephone and data
services company buckled under a $3.85 billion accounting scandal
and a mountain of "junk-rated" debt. The
U.S.-Israeli company said the decision, which will cost about 1,200
of its employees their jobs, would result in charges, primarily
in the third fiscal quarter, ending Oct. 31.