Austin, Texas (CaymanMama.com) Struggling under the weight of the advertisement-driven economy, AOL LLC is now finding new ways to survive by eliminating approximately 36 percent of its workforce while still in preparations to separate from Time Warner Inc. in December.
Though financial analysts expected AOL to conduct layoffs, the extent of the job cuts were unknown until Thursday. The Internet company currently employs 6,900 people, but is asking for 2,500 volunteers to accept the offered buyout.
If AOL is unable to meet that volunteer number, the company will be forced to layoff up to 2,300 positions, accounting for one third of its total workforce. Doing so would cut annual expenses by nearly $300 million, though the eliminations still require approval from the new AOL board.
According to the Associated Press, AOL spokeswoman Tricia Primrose would not say where the new cuts would occur or what positions they would involve. The company is based in New York but also has major operations in Northern Virginia.
The offer for volunteer buyout has been extended to all employees from Dec. 4 though Dec. 11, Primrose said.
Wal-Mart continues effort to be price leader by slashing toy prices – again Detroit, Michigan (CaymanMama.com) This holiday season, Wal-Mart Stores Inc is taking a drastic step in being the worlds largest retailer by announcing another round of toy price cuts. In their efforts... |
Ford extends incentives to U.S. factory workers to retire Detroit, Michigan (CaymanMama.com) The holidays might be a glum time for some of the 41,000 hourly factory workers at Ford Motor Co.s U.S. facilities. The automotive giant has reportedly offered buyout... |
Johnson & Johnson braces for health care industry changes – Restructuring, cutting 8,000 jobs Orlando, Florida (CaymanMama.com) As it prepares for marked changes within the health care industry, Johnson & Johnson announced Tuesday it will cut approximately 8,000 jobs and restructure operations... |
AOL finalizes emancipation from Time Warner Denver, Colorado (CaymanMama.com) Now fully free and independent from Time Warner Inc., the new AOL company began a new chapter, turning the page on what has been called one of the most lethal business... |
Program aimed to jumpstart hiring in Texas New Source: WiredPR News.comA new program offers employers in Texas incentives for hiring. Dallas (WiredPRNews.com) A new program has been implemented by the Texas Workforce Commission to jumpstart hiring.... |
Recession Takes its Toll on Child Support January 24, 2010 /24-7PressRelease/ -- Recession Takes its Toll on Child SupportThe recession has really hit home. In family courts across the country, a surge of parents stung by the economy are coming... |
