LayoffBlog.com

December 3, 2008

Adobe cuts jobs, lowers revenue outlook

According to Reuters: “Adobe Systems Inc on Wednesday lowered is revenue outlook and said it will eliminate 600 jobs, or around 8 percent of its workforce, due to the weak economy, sending its stock down 7 percent in extended trading.

“The global economic crisis significantly impacted our revenue during the fourth quarter,” said Shantanu Narayen, the company’s chief executive, in a statement. “We have taken action to reduce our operating costs and fine-tune the focus of our resources on key strategic priorities.””

November 21, 2008

Large-scale layoffs sting Bay Area companies

According to San Francisco Business Times: “With the pace of Bay Area layoffs increasing, particularly in the East Bay, workforce retraining efforts are also gathering steam.

Large-scale job cuts have accelerated with the closure of department store chain Mervyns’ Hayward corporate office and eight East Bay locations, and the acquisition of Longs Drug Stores Corp. by CVS Caremark Corp., with the loss of 800 Longs corporate jobs. This week, electronics retailer Circuit City Inc. said it would close 155 stores nationally, including six in the East Bay.

These are among the region’s biggest layoffs since last year, when job losses were focused on the home lending industry. Roy Bertuccelli, a program financial specialist at the Alameda County Workforce Investment Board in Hayward, said the last three weeks have been “extremely unusual. … All sectors of the economy are slowing down.”

Meanwhile, green industries, health care and biotech continue to hire. Bertuccelli is seeking to retrain workers to match up with continued demand from “sunrise” industries.”

Silicon Valley unemployment rate jumps to 6.9 percent

According to San Jose Mercury News: “The number of people looking for work in Silicon Valley was up sharply in October, sending the unemployment rate to 6.9 percentstill far below California’s jobless rate of 8.2 percent.

San Jose’s projected deficit zooms past $59 million; layoffs seem certain

According to San Jose Mercury News: “The imploding economy has widened the projected hole in San Jose’s budget next year to more than $59 million, city officials said Thursday, making layoffs virtually certain and burying Mayor Chuck Reed’s hopes for eliminating chronic deficits in his first term.Though city voters this month maintained two existing phone taxes at reduced rates — one of which was set to expire next year — and some employee groups have agreed to take lower raises, City Manager Debra Figone said “everything else has worsened.”

“At this point in time, I can’t see how we can avoid layoffs,” Figone said. City union leaders had no immediate response.”

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