March 1, 2009

Anger grows as Spansion files for bankruptcy

According to EETimes: “Spansion Inc., the world’s largest NOR flash supplier, has filed for bankruptcy amid growing anger among former employees at the company.”
“Last week, there were reports that the company would cut 3,000 jobs, or about 35 percent of its workforce, over time, industry sources said. Despite layoffs and losses, Spansion reinstated full pay for many of its executives. This angered employees who were impacted by the layoffs. ”Spansion’s ex-employees are outraged on how the company handles layoff in the U.S. None of the U.S. employees got any advanced notices or severance or medical benefit extension,” said one former employee.”

January 6, 2009

Consumer bankruptcies jump in 2008

According to CNN Money: “Bankruptcy filings by American consumers increased nearly a third in 2008, according to a new report.

The American Bankruptcy Institute said overall consumer filings rose to 1.06 million in 2008, compared with 801,840 during 2007. The ABI based its study on data from the National Bankruptcy Research Center.”

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