Dot Com News from Week of November 12, 2001

• 11/16/01 - TranSwitch Corporation, a developer and global supplier of innovative high-speed VLSI semiconductor solutions, announced that it has reduced its workforce by approximately 10 percent of the 460 people that it employs worldwide. This workforce reduction was required to help the company further lower its operating expenses.
• 11/16/01 - TechTV, a technology-focused cable channel and Web site, said that it cut 130 positions in a move to slash costs, making it the latest Internet publisher to restructure amid the advertising meltdown.
• 11/16/01 - Red Herring Communications will lay off 27% of its workforce or 38 of its 140 strong staff. The layoffs affect its online, business and editorial operations. The company also closed its conference division.
• 11/16/01 - 1,000 employees of Bristol-Myers Squibb will receive pink slips in a move to convert solely to a medicinal company. The cuts did not surprise many in the financial community as the company's recent acquisitions made many positions become redundant. Remaining are somewhere between 45,000 and 46,000 employees worldwide.
• 11/16/01 - Tellabs announced it will lay off approximately 1,000 people and cease operations at two of its plants. The company is taking these steps as it deals with a slowing telecom industry. 800 employees will be cut in the United States alone and 200 overseas. The company laid off 950 employees in August.
• 11/15/01 - Yahoo announced plans to lay off 13% of its workforce or approximately 400 employees. Yahoo's international and broadcast businesses will be affected along with the removal of a level of management across the board. Of particular mention is the fact that CEO and chairman Terry Semel declared that "it's not enough to be an ad-supported business."
• 11/15/01 - Agilent Technologies after reporting a drop in revenue during its fourth-quarter said it will lay off 4,000 workers in addition to 4,000 layoffs announced in August this year. The company which markets hardware for use in manufacturing semiconductors and communications products, is taking these measures to return to profitability. The total 8,000 layoffs accounts for 18% of its entire workforce.
• 11/15/01 - Globalstar Telecommunications a satellite telecom carrier is likely to file for Chapter 11 bankruptcy protection. Along with reporting a third-quarter net loss of $129 million, the company's share price plummetted by 50% in one day.
• 11/14/01 - AOL Time Warner's British magazine publisher IPC Media says it is cutting six magazine titles, including its long-running Woman's Journal, and shutting down its exhibitions business. IPC, which AOL Time Warner acquired earlier this year for $1.66 billion, said the closures were part of a wide-ranging strategic review and would involve 115 job cuts from its staff of nearly 2,000.
• 11/14/01 - Singapore Telecommunications will lay off 561 workers, 344 of whom are permanent and 217 contractors. The Australian telecommunications company will see cuts in its finance and commercial, network operations, customer service and IT departments. This move is expected to save the company 100 million Australian dollars.
• 11/14/01 - Women's media company iVillage will toss out 50 of its employees or approximately 18% of its workforce amid a drop in revenue. In the previous quarter, the company had posted revenue of $18.1 million. In April the IVillage announced it would cut only 30 jobs or about 9.5% of its workforce.
• 11/14/01 - VF Corp., a maker of apparel announced it would slash 13,000 employees which accounts for approximately 18% of its entire workforce. This comes as the company leaves three unsuccessful businesses in an attempt to concentrate more on profitable brands. The company is known for manufacturing Lee and Wrangler jeans.
• 11/13/01 - Global Crossing Ltd. said that the long-haul carrier was trimming jobs and taking significant cost-cutting moves to make its target of breaking even in 2002. The company plans 1,200 job cuts in addition to the 2,000 already announced.
• 11/13/01 - ANC Rental Corp., owner of the Alamo and National brands and the third-largest rental-car company, sought protection from creditors under Chapter 11 of the U.S. Bankruptcy Code, citing the drastic decline in travel.
• 11/13/01 - Liquid Audio, an online music services provider, says its third-quarter net loss narrowed both on a sequential and year-over-year basis and added it will lay off 15 percent of its work force to further reduce costs.
• 11/13/01 - Telecommunications software and services provider LightBridge said that it will close its Palo Alto, Calif., research and development facilities, resulting in the firing of about 100 employees, or 8 percent of its work force in a bid to cut costs.
• 11/13/01 - Software vendor Niku Corp. has let approximately half of its roughly 600 employees go as the company restructures.
• 11/13/01 - Broadview International, a mergers and acquisitions advisory firm specializing in technology, has let go 25 percent of its 295-person staff. The layoffs affect investment bankers, analysts and support staff in the firm's four offices in Fort Lee, N.J., California's Silicon Valley, Boston, and London.
• 11/13/01 - Networking software maker Novell plans to lay off as many as one-third of its roughly 7,400 employees as early as Wednesday, amid a sharp downturn in the company's business.
• 11/13/01 - Semiconductor components manufacturer Axcelis Technologies, announced it will cut 20% of its workforce as it consolidates its operations. The cuts account for 183 people, 83 of whom work at the plant in Rockville, Maryland.
• 11/12/01 - Telecommunications equipment producer Ciena will toss out 380 workers or 10% of its entire workforce. This comes as the company's customers have been spending less on its products.