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First-quarter 2008 losses were $1.68 billion; revenue fell 7% to $12.99 billion. Sun's stock lost 80% of its value November 2007 to November 2008, reducing the company's market value to $3 billion. With falling sales to large corporate clients, Sun announced plans to lay off 5,000 to 6,000 workers, or 15–18% of its work force.
Originally, layoff referred exclusively to a temporary interruption in work, or employment [3] but this has evolved to a permanent elimination of a position in both British and US English, [1] [failed verification] requiring the addition of "temporary" to specify the original meaning of the word. A layoff is not to be confused with wrongful ...
A less severe form of involuntary termination is often referred to as a layoff (also redundancy or being made redundant in British English). A layoff is usually not strictly related to personal performance but instead due to economic cycles or the company's need to restructure itself, the firm itself going out of business, or a change in the function of the employer (for example, a certain ...
A copywriter living in San Francisco was 'stealth' laid off from a Silicon Valley tech company. They burned out applying to over a hundred jobs in a competitive job market due to AI and layoffs.
Corporate America can't seem to lay off workers fast enough. U.S. employers have already axed north of 100,000 jobs this year according to the latest figures from data firm Challenger, Gray ...
Rob Chilton, 34, suffered a fate that's the stuff of unemployment nightmares. He was laid off not once but twice from his job as a celebrity magazine editor. While he was reinstated two weeks ...
[77] [78] At this time Cirque du Soleil also announced 50 layoffs. The layoffs consisted mostly of 30 employee positions at their International Headquarters in Montreal, including three vice-presidents. [79] With the high output of shows between 2007 and 2011 in combination with its multiple closures, the company began slowing down its operations.
An employee may be terminated without prejudice, meaning the fired employee may be rehired for the same job in the future. This is usually true in the case of layoff. Conversely, a person can be terminated with prejudice, meaning an employer will not rehire the former employee for the same job in the future. This can be for many reasons ...