The holidays are a particularly cruel time to lay off people, or to tell them they will be laid off soon. That has not stopped a number of companies from doing so. The most recent large public corporations to disclose job cuts are Boeing Co. (NYSE: BA) and General Motors Co. (NYSE: GM), but they are not alone.
Caterpillar Inc. (NYSE: CAT) announced layoffs and even said it was a bad time of the year to let workers go. According to the Herald Democrat on December 15:
Officials with Caterpillar announced a new series of company-wide layoffs Wednesday amid lower projected sales and revenues in 2017 than the previous year. Caterpillar would not confirm the scope of the layoffs, but local sources confirmed this includes positions at the company’s Denison location.
“There is never a good time for announcements like this, but we recognize this is particularly difficult for employees and their families during the holidays,” Caterpillar Spokesperson Lisa Miller said Thursday.
Note that Caterpillar’s stock has been the second most successful in the Dow Jones Industrial Average this year, up 36%.
Recently, a large Florida call center company laid off hundreds. According to the Sun Sentinel:
Sitel Corp., a call center operation in Pompano Beach, has issued a notice to the state of Florida that it plans to lay off 804 workers in February.
Located at 2528 NW 19th St., Sitel said the layoff would be between Feb. 14 and 28, according to the Worker Adjustment and Retraining Notification posted Friday. Sitel couldn’t be reached for comment.
Stumbling Xerox Corp. (NYSE: XRX) will cut workers as it makes itself into two companies. According to MarketWatch:
President Jeff Jacobson, who will become Xerox’s chief executive after the spin-off, said in an interview that the company needed changes to put it on a stronger footing.
“Part of that unfortunately comes from headcount reductions,” Mr. Jacobson said. “You want to be a leaner organization.”
Retailer Limited Stores, part of the giant L Brands Inc. (NYSE: LB), is on that train too. A story in the Columbus Dispatch included management comments:
“As you know, product misses and massive shifts in retail shopping trends have been especially difficult for the company’s business, and the company is dealing with significant debt obligations,” wrote Larry Fultz, an executive vice president and chief operating officer.
“We have now determined that the combination of sales misses and the level of existing financial obligations will require that the company be sold or we will have to wind down our operations due to an anticipated lack of operating capital.”
And what was once one of the hottest new tech hardware companies, GoPro Inc. (NASDAQ: GPRO), has fallen on hard times. According to The New York Times on November 30:
GoPro, the manufacturer of the wearable camera that has been a favorite of athletes, thrill-seekers and anyone else who wants to capture video of their antics, announced on Wednesday that it will eliminate hundreds of jobs to hold down costs.
The company’s chief financial officer, Brian T. McGee, said in a webcast that GoPro would reduce its work force by about 15 percent, or around 200 full-time positions, and cut back on its use of contractors. It will also eliminate its entertainment unit, he said.
This list is just the tip of the proverbial iceberg. Merry Christmas and a Happy New Year.
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