When will this perpetual cycle of job losses end?
Aerospace and defense giant Boeing(BA) announced that the company will be laying off 10,000 employees after reporting terrible earnings for the 4th quarter.
Starbucks(SBUX) announced that the company will be laying off 6,700 employees and closing 300 stores due to declining sales. In a tough economic environment, high priced coffee is a luxury.
According to the Financial Times, AOL issued an internal memo that they will be laying off 700 more employees. Time Warner(TWX) has never figured out how to make money off of AOL.
Even IBM who just reported a good earnings report has had to layoff employees. Estimates are that IBM is laying off about 3,000 employees.
Target(TGT) is letting 600 employees go that work at the company’s main headquarters in Minnesota. Target will also be closing one of the company’s distribution centers that employs 500 employees.
