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Job Cuts Keep Coming—Is Your Firm On the List?
Companies:News Corporation Limited | Estee Lauder Companies Inc | GlaxoSmithKline plc | Tiffany and Co | Magna International, Inc. | THQ Inc | Talbots Inc. | Tenneco Inc | Brown Shoe Company Inc | Cisco Systems Inc | Clorox Co | Fidelity National Financial, Inc. | Allergan Inc | Time Warner Cable | Time Warner Cable | Electronic Arts Inc | Liz Claiborne Inc | PNC Financial Services Group Inc | Huntington Bancshares Inc | Alpharma Inc | King Pharmaceuticals Inc | Macy's | Morgan Stanley | NEC Corporation | NEC Corporation | Strattec Security Corporation | Walt Disney Co | SAP Aktiengesellschaft Systeme, Anwendungen, Produkte | Pacific Sunwear of California Inc | Eastman Kodak Co | ASTRAZENECA PLC | Allstate Corp | Oshkosh Truck Corporation | Black and Decker Corp | Ford Motor Company | Best Buy Co Inc | Starbucks Corp | Readers Digest Associates Inc | Target Corporation | Baker Hughes Inc | Quiksilver Inc | Wyeth | Texas Instruments Inc | Corning Inc | General Motors Corp | Huntsman Corporation | Deere & Co | Home Depot Inc | Sprint Nextel Corp | Caterpillar Inc | Intel Corp | Microsoft Corp | UAL Corporation | Lee Enterprises Inc | Time Warner Inc | Eaton Corp | Clear Channel Communications Inc | Rohm and Haas Co | Bank of America Corp | Hertz Global Holdings, Inc | Wellpoint Inc | Halliburton Co | Schlumberger Ltd | ALCOA Inc | Cigna Corp | Boeing Co | Walgreen Co | Lexmark International Inc | Cummins Inc | Visteon Corp | Oracle Corporation | ING Group, N.V. | Barclays PLC | Pfizer Inc | Barnes & Noble, Inc. | Ecolab Inc | Seagate Technology Holdings | Google Inc | MeadWestvaco Corp | Motorola Inc | Marshall & Ilsley Corp | Autodesk Inc
By: CNBC.com with Wires | 06 Feb 2009 | 10:18 AM ET
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More companies announced layoffs this week as the employment picture continued to dim.

News Corp., GlaxoSmithKline and Tiffany & Co. on became the latest victims of the weakening economy, each cutting an undisclosed number of jobs.

CNBC.com

The number of U.S. workers filing new claims for unemployment benefits jumped to a 26-year high last week, according to government data on Thursday that pointed to a rapid deterioration in the economy.

Additionally, the number of people staying on the benefit rolls hit a record high in the week ended Jan. 24, showing the weak labor market has yet to hit bottom. On Friday, the Labor Department will issue the employment report for January, and analysts are expecting a drop of 525,000 payroll jobs.

The department said initial claims for state unemployment insurance benefits rose 35,000 to a seasonally adjusted 626,000 in the week ended Jan. 31, the highest since the week ending Oct. 30, 1982. The prior week's number was revised up to 591,000 from 588,000.

Analysts polled by Reuters had forecast 585,000 new claims.

The number of people staying on the benefits roll after drawing an initial week of aid surged by 20,000 to a record 4.788 million in the week ended Jan. 24, the latest week for which the data is available, from 4.768 million the previous week.

The four-week moving average for new claims, considered to be a better gauge of underlying trends as it irons out week-to-week volatility, rose to 582,250, the highest reading since the week ending Dec. 4, 1982.

Here is a rundown of corporate job cuts announced so far this year:

  • News Corp's [NWS  Loading...      ()   ] CEO Rupert Murdoch, announced the company would slash costs and indicated layoffs were in store.
  • GlaxoSmithKline [GSK  Loading...      ()   ] did not spell out the number of jobs it would cut but analysts expect thousands more positions to be shed from a global workforce of around 100,000.
  • Reeling from a precipitous slump in global holiday sales, Tiffany & Co [TIF  Loading...      ()   ], has laid off an undisclosed number of employees around the world, including several at its Westport and Greenwich stores.
  • Estee Lauder [EL  Loading...      ()   ] said it would cut 2,000 jobs, or 6 percent of its work force, over the next two years as the apparel firm grappled with a 30 percent drop in its second-quarter profit and a difficult outlook for the coming year.
  • Magna International [MGA  Loading...      ()   ] will close its gear assembly plant in Syracuse, New York, after workers rejected a contract the company said wasnecessary to keep the factory competitive. The shutdown of the New Process Gear facility will ultimately eliminate 1,400 jobs.

  • THQ [THQI  Loading...      ()   ] posted a quarterly loss as sales of video games fell more than expected, and also said that it plans to layoff 600 people in fiscal 2010 and cut spending.
  • Talbots [TLB  Loading...      ()   ] said it plans to save $150 million by cutting 370 corporate jobs, or 17 percent of its corporate headcount, reducing the hours of workers in its stores and call centers and suspending its matching contributions to employees' 401(k) retirement accounts.
  • Auto parts maker Tenneco [TEN  Loading...      ()   ] posted a wider quarterly loss Thursday due to tumbling vehicle production and said it is closing three plants and slashing 1,100 jobs.
  • Footwear retailer Brown Shoe [BWS  Loading...      ()   ] said it expects to cut 12 percent to 14 percent of its domestic work force, excluding stores and distribution centers, and take a charge of $27 million to $30 million related to its cost-reduction actions.
  • Cisco Systems [CSCO  Loading...      ()   ] said forecast revenue will drop far more sharply in the current quarter than Wall Street expected, and announced the network equipment maker is cutting up to 2,000 jobs.
  • Bloomberg will cut 100 television and radio jobs in the first layoffs since it was founded in 1981 by now-New York Mayor Michael Bloomberg.
  • Fidelity National Financial [FNF  Loading...      ()   ], the largest U.S. title insurer, said it cut 1,500 jobs in January, and posted a fourth-quarter loss as the housing slump drove down home sales and refinancings.
  • Clorox [CLX  Loading...      ()   ] posted a lower quarterly profit, as consumers bought cheaper products and used up what they had at home, and said it would cut 170 jobs due to the tough economy.
  • Allergan [AGN  Loading...      ()   ], maker of the anti-wrinkle treatment Botox, reported lower fourth-quarter earnings that beat Wall Street forecasts and said it would lay off 460, or 5 percent, of its workforce because of the recession.
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