More store closings...

[ntw0rk]

Luckily I already have something lined up. But, your insight is more than welcome. I know the reasons for the "trimming" but that does little to soothe the other associates that will be out there looking for jobs in this economy.

BTW: All associates that stay until the end are being offered a 2 months salary severance package. FWIW

 

[TheSickness]

Luckily I already have something lined up. But, your insight is more than welcome. I know the reasons for the "trimming" but that does little to soothe the other associates that will be out there looking for jobs in this economy.

BTW: All associates that stay until the end are being offered a 2 months salary severance package. FWIW

A couple ways of looking at it Scoot...If you owned a business that failed every year losing on average of 50 million gross would you fight to keep it afloat :dontknow: They tried for 12 years to make it work and with the way the economy is going and after seeing next years sales forcast....Starting Feb 2 fiscal year most stores are slated to do Negitive comps to this years numbers in double digits...It's going to get much worse before it gets better my friend

 

[ntw0rk]

A couple ways of looking at it Scoot...If you owned a business that failed every year losing on average of 50 million gross would you fight to keep it afloat :dontknow: They tried for 12 years to make it work and with the way the economy is going and after seeing next years sales forcast....Starting Feb 2 fiscal year most stores are slated to do Negitive comps to this years numbers in double digits...It's going to get much worse before it gets better my friend

Well, even though I am moving on before these stores close, I feel like the officers of this debt-free company could take a slight pay cut without changing their lifestyles and they could weather the storm. There are many things about the business model for these stores that could change to make it better. But instead, they will put thousands on the streets in order to keep their exorbitant paychecks and bonuses.

I have a hard time believing that they were losing that much money from these stores.

 

[iraqivet01]

Black Monday for sure.
My girlfriends has watched the company she's been at the last 22 years go down hill the last couple of years.
she walked a bunch out the door this last year.
Their stock has dropped from a high of $21 to just over $4.00.

Were going have to tighten our belts at this rate.

Though we would never go through what my Grandparents went through in the 1930's.



It already on a list of 5 companies that will go under this next year.

 

[Prof]

We will need to support one another as much as we can until the climate changes...hang tight brothers...it may be a long bumpy ride...lots are hurting terribly already.

 

[includemeout]

Boeing posts loss, announces 10,000 job cuts


Jan 28, 12:32 PM (ET)

By DANIEL LOVERING
PITTSBURGH (AP) - Boeing Co. (BA) (BA), the world's second-largest airplane maker, swung to a surprise fourth-quarter loss, hurt by a labor strike that disrupted deliveries. It also announced job cuts totaling 10,000 and forecast 2009 earnings that missed Wall Street expectations.

The news comes on top of waning demand for the company's commercial jets. Airlines are cutting spending and air travel has declined amid the global economic slowdown. Boeing recently said it plans to cut about 4,500 positions from its commercial aircraft business as a result of the worsening market conditions.

On Wednesday, Boeing executives said an additional 5,500 positions in other parts of the company, including its defense division, were to be eliminated through attrition and layoffs throughout the year.

The Chicago-based company reported a fourth-quarter loss of $56 million, or 8 cents per share, on Wednesday. That compared with profit of $1.03 billion, or $1.36 per share, a year earlier. Results were dragged down by charges totaling $1.79 per share, including the effects of a now-settled machinists strike and delayed deliveries of 747 jets.

Analysts polled by Thomson Reuters, on average, expected earnings of 78 cents in the fourth quarter. Those estimates typically exclude one-time items.

JSA Research analyst Paul Nisbet said the results were "surprisingly poor," noting the unexpected charge for the new 747 jumbo jet. "I'll be interesting to hear the explanation for that."

Fourth-quarter revenue fell 27 percent to $12.68 billion. Passenger and cargo jet deliveries fell by more than half as a strike by production workers paralyzed the company's Seattle-based commercial aircraft operations for 58 days through early November. Analysts had expected revenue of $13.40 billion in the quarter.

Looking ahead, Boeing expects per-share earnings of $5.05 to $5.35 for 2009, short of the $5.68 forecast by analysts. Boeing's 2009 revenue outlook of $68 billion to $69 billion was in line with expectations.

Shares of Boeing rose 99 cents, or 2.3 percent, to $44.21 in late morning trade.

The company's 2009 financial forecast assumes stable deliveries over the next few years of commercial airplanes that are in production. Its commercial aircraft business expects to deliver between 480 and 485 airplanes this year.

Boeing delivered just 50 planes in the last three months of 2008, compared with 112 planes during the same period a year earlier.

In November, Boeing further delayed the first test flight and delivery of its much-anticipated 787 jetliner, the world's first large commercial airplane made mostly from carbon-fiber composites, blaming the strike and lingering production problems.

It also delayed deliveries of 747-8 cargo and passenger jets, partly due to the strike, and deliveries of 737s, 747s, 767s and 777s as it replaces defective fasteners used to attach wiring and other components inside the planes' fuselages.

"The progress we made in many areas of Boeing during 2008 was outweighed by the impact of the strike and our performance on some key development programs," Jim McNerney, Boeing's chairman, president and chief executive, said in a statement.

To date, Boeing said 58 customers had placed 895 orders for 787s, excluding a recently canceled order from one customer for planes scheduled for delivery late in the next decade.

Boeing, which ranks as the world's No. 2 airplane maker after France's Airbus SA, reported 2008 net income of $2.7 billion, or $3.71 per share, down 34 percent from 2007.

Commercial jet orders declined by half in 2008, after three consecutive years of exceptionally strong growth. Still, the aerospace company has orders for a record 3,700 planes.

 

[FerrariTruck]

just sad, I might just have to take up working on all makes and models of automobiles here in my garage. All my friends at the dealership are choking each other to get 80 hour paychecks @2wks...still remember the good times when 150+hours a check where the norm....

 

[Prof]

Was at my local hot rod shop last week...they asked if I needed anything done on my Volvo...

I do and will have them do it...

We can all help...use those that have been there for you in the past friends...they need you now!

 

[Big Perm]

Was at my local hot rod shop last week...they asked if I needed anything done on my Volvo...

I do and will have them do it...

We can all help...use those that have been there for you in the past friends...they need you now!

Agreed, despite the fact that I am making significantly less than a year ago, my wife and I still try to support the businesses we did in the past....we just try to cut back a little so we can still make budget.....instead of 4 pitchers of beer , we get 2......we share an appetizer and a meal....stuff like that....but we still try to go out once a week and have quality time together..

What I heard yesterday...

8000 jobs at Sprint
7000 at Home Depot
20000 at Caterpillar
2000 GM
Just got a call that Ford is announcing upcoming lay-offs today

For the record, any teams or departments I have managed in the past.....I can say that typically your bottom 10% is a cash burn......your bottom performers, take more days off, show up late, and in general are a beating....I get trimming the fat....but many, many companies aren't getting rid of the non-performers.....they are eliminating entire departments and many good, dedicated employees.....

During my HSBC lay-off last year, when they exited the auto market, leaderships comment was that "we have to take the right steps to profitability"....well, if you are the one being let go, you aren't part of the "we".....many of us on this site are making much less than we were years ago, and we'll be looking for jobs soon that pay much less than we are getting today....

I agree with Scott wholehartedly.....they could easily terminate non-performing employees, and then provide salary cuts across the board to maintain jobs for those that bring value.....jobs with exorbitant incomes could easily take a larger hit and they could get to the new bottom line....trim a little bit on benefits and other areas.....a little in a lot of places goes a long way....

I sincerely wish all of you the best over the coming months.....I will be laid-off again in a month, despite hitting all goals and objectives, just as I did at my previous job.....and I have a line on a job through a friend.....and I'll be making 1/4 the income I made just a year and a half ago.....I will be making less than I made on my first real job.....

That, my friends, is bullshit......but I'll still work hard and still bring value to the bottom line....

 

[includemeout]

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Kodak posts 4Q loss, plans up to 4,500 job cuts


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Jan 29, 4:50 PM (ET)

By BEN DOBBIN

ROCHESTER, N.Y. (AP) - The digital revolution did away with 40,000 jobs at Eastman Kodak Co. (EK) (EK) over the last five years.

The global recession is reducing the photography icon's ranks still further to around 20,000, a level not seen since the Great Depression.

Kodak said Thursday it lost $137 million in the fourth quarter on plunging sales of both digital and film-based photography products. It plans to eliminate 3,500 to 4,500 jobs, or 14 percent to 18 percent of its work force, in 2009.

Its stock lost nearly 30 percent of its value, sinking $2.08 to end at $4.99, a decades-long low. Shares bottomed at $4.89 earlier in the session.

 

[TheSickness]

Well, even though I am moving on before these stores close, I feel like the officers of this debt-free company could take a slight pay cut without changing their lifestyles and they could weather the storm. There are many things about the business model for these stores that could change to make it better. But instead, they will put thousands on the streets in order to keep their exorbitant paychecks and bonuses.

I have a hard time believing that they were losing that much money from these stores.

2,000 in upper mgmt have been let go...Salaries have been frozen at the top levels for 2 years now. In all over the past 2 years HD has cut approx 6,000 support, and upper mgmt positions from Atlanta alone. The box stores have not lost anyone due to layoffs unless you count the 15 stores closed last March....all were under performing and running at a loss. The business model actually makes sense to me especially since Frank took over. I would say after 12 years of running a failed business ( EXPO ) it's time to cut your losses and lick your wounds. So they have done so.

Every associate eligible for a raise is still getting them...Every mgr eligible for bonuses will still get those. The bonus structure is based soley on profitability of your store or district....Nothing else ! So if people still getting a bonus for doing their job well does not sit well with you I apologize. But I say it's a good thing and promotes growth. I agree that people getting laid off is horrible and thank God nobody I know in the company has.....Yet.

 

[Wifey]

just sad, I might just have to take up working on all makes and models of automobiles here in my garage. All my friends at the dealership are choking each other to get 80 hour paychecks @2wks...still remember the good times when 150+hours a check where the norm....

Do you do VW Passat timing belts :dontknow:

 

[ntw0rk]

2,000 in upper mgmt have been let go...Salaries have been frozen at the top levels for 2 years now. In all over the past 2 years HD has cut approx 6,000 support, and upper mgmt positions from Atlanta alone. The box stores have not lost anyone due to layoffs unless you count the 15 stores closed last March....all were under performing and running at a loss. The business model actually makes sense to me especially since Frank took over. I would say after 12 years of running a failed business ( EXPO ) it's time to cut your losses and lick your wounds. So they have done so.

Every associate eligible for a raise is still getting them...Every mgr eligible for bonuses will still get those. The bonus structure is based soley on profitability of your store or district....Nothing else ! So if people still getting a bonus for doing their job well does not sit well with you I apologize. But I say it's a good thing and promotes growth. I agree that people getting laid off is horrible and thank God nobody I know in the company has.....Yet.

You are speaking strictly about HD... Nobody in the Expo stores will be getting bonuses or raises. And in case you missed it, about 5000 from those stores are getting laid off....