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• Computer hardware and software company Sun Microsystems announced it they would lay off between 5,000 and 6,000 workers on November 14, 2008. The layoffs are equivalent to about 15% to 18% of the company's workforce.The New York Times: Crisis Spreads to Tech Sector as Sun to Cut Work Force (November 14, 2008) The announcement came in an emailed statement.Bloomberg.com: Sun Will Cut up to 6,000 Workers... (November 14, 2008)

  According to the company's CEO, Jonathan Schwartz, the cutbacks are a way of coping with "global economic realities."Bloomberg.com: Sun Will Cut up to 6,000 Workers... (November 14, 2008)

• Fast Facts

  1. Sun Microsystems is the fourth-largest maker of serversBloomberg.com: Sun Will Cut up to 6,000 Workers... (November 14, 2008)
  2. Between 5,000 and 6,000 to be laid offThe New York Times: Crisis Spreads to Tech Sector as Sun to Cut Work Force (November 14, 2008)
  3. Layoffs affect as much as 18% of Sun Microsystems' staffBloomberg.com: Sun Will Cut up to 6,000 Workers... (November 14, 2008)
  4. Sun will also reorganize its software businessBloomberg.com: Sun Will Cut up to 6,000 Workers... (November 14, 2008)
  5. Reorganizing includes the resignation of former executive in charge of software, Rich GreenBloomberg.com: Sun Will Cut up to 6,000 Workers... (November 14, 2008)The New York Times: Crisis Spreads to Tech Sector as Sun to Cut Work Force (November 14, 2008)
  6. Announcement made on November 14, 2008The New York Times: Crisis Spreads to Tech Sector as Sun to Cut Work Force (November 14, 2008)
  7. Part of an effort to restructure and save the company between $700 million and $800 million a yearForbes.com: Sun Microsystems Slim Down (November 14, 2008)
  8. In September 2008, Sun had approximately 33,000 employeesBloomberg.com: Sun Will Cut up to 6,000 Workers... (November 14, 2008)
  9. In late-October 2008, Sun had a first-quarter loss of $1.68 billionThe New York Times: Crisis Spreads to Tech Sector as Sun to Cut Work Force (November 14, 2008)
  10. Sales group will be affected by the layoffsThe New York Times: Crisis Spreads to Tech Sector as Sun to Cut Work Force (November 14, 2008)
  11. CEO Jonathan Schwartz said the cutbacks are the company's way of dealing with "global economic realities"Bloomberg.com: Sun Will Cut up to 6,000 Workers... (November 14, 2008)
  12. Company also laid off workers in May 2008The New York Times: Crisis Spreads to Tech Sector as Sun to Cut Work Force (November 14, 2008)

• Sun Microsystems Stock Dives

  After the announcement on November 14, 2008, Sun's stock dropped to $4.06 at 11:44 a.m. on Nasdaq. In the two weeks prior to the layoff announcement, Sun's stocks had dipped under five dollars. For comparison, Sun traded at $227.25 in September of 2000.Bloomberg.com: Sun Will Cut up to 6,000 Workers... (November 14, 2008)

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