Business Services Industry
Maynard, Mass.-Based Digital Equipment to Slash 7,000 Jobs Worldwide.(Originated from New York Daily News)
Knight Ridder/Tribune Business News, July, 1996 by King, Angela G.
Jul. 3--Computer giant Digital Equipment said yesterday it will slash 7,000 jobs worldwide, including up to 360 New York workers.
Stung by slumping sales, the Maynard, Mass.-based company announced a $475 million fourth-quarter restructuring.
The news -- which came a day after the No. 2 executive, Enrico Pesatori, abruptly quit -- sent Digital's stock plunging 5 1/2 points to close at $43.37 1/2.
Bloated inventories, depressed sales and price cuts put Digital's PC business in the red. Reducing inventory and costs over the last few months had yet to yield major improvements, the company said.
Digital, which has had operations in the city for 15 years, now employs about 300 sales, financial services and personnel workers at 2Penn Plaza, said...
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- Design a commission plan that drives sales - Sales Commissions
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
- LIFO vs. FIFO: a return to the basics
