Job Cuts Jump as Media, Retail, and Telecom Face Turmoil
January layoffs surged, unemployment claims rose, Verizon sued T-Mobile, The Washington Post cut staff, and Eddie Bauer is expected to close stores and file for bankruptcy.
Report: Job Cuts Surge in January; Highest January Total Since 2009
U.S.-based employers announced 108,435 job cuts in January, an increase of 118% from the 49,795 cuts announced in the same month last year.
It is up 205% from the 35,553 job cuts announced in December, according to a report released Thursday from global outplacement and executive coaching firm Challenger, Gray & Christmas. Read Full Article
Verizon Sues Competitor Over False Advertising Claims
Officials at Verizon Wireless believe competitor T-Mobile has been dishonest in its advertising, and on Wednesday filed suit to try to stop it
Verizon Wireless sued T-Mobile, accusing its largest rival of false advertising and causing irreparable harm by promising consumers more than $1,000 of annual savings if they switch cellphone carriers. Read Full Article
First-Time Benefit Claims Surge, Unemployment Rate Steady
Last week’s bad weather appears to have played a role in the U.S. job market as the number of Americans filing new applications for unemployment benefits rose more than expected. Read Full Article
Washington Post Slashes Staff in Many Departments
One of the country’s largest and arguably most-respected newspapers on Wednesday continued a transformation begun since Jeff Bezos bought it.
The Post announced it has begun widespread layoffs, moves that will drastically reduce the newspaper’s size. The moves were discussed on a recording of a call obtained by Reuters and reported in a number of news outlets. According to the reports, WAPO cuts will affect all departments. Read Full Article
Eddie Bauer Expected to Close North American Stores, File For Bankruptcy
Outdoor apparel retailer Eddie Bauer, whose namesake opened its first store in Seattle more than 100 years ago, is expected to close its stores in North America and file for bankruptcy.
The company operates more than 200 stores in North America currently — down from more than 600 international locations in the 1990s. Locations outside of North America would not be subject to the bankruptcy proceedings, according to Women’s Wear Daily. Read Full Article