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- Sun Microsystems is the fourth-largest maker of serversBloomberg.com: Sun Will Cut up to 6,000 Workers... (November 14, 2008)
- 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)
- Layoffs affect as much as 18% of Sun Microsystems' staffBloomberg.com: Sun Will Cut up to 6,000 Workers... (November 14, 2008)
- Sun will also reorganize its software businessBloomberg.com: Sun Will Cut up to 6,000 Workers... (November 14, 2008)
- 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)
- Announcement made on November 14, 2008The New York Times: Crisis Spreads to Tech Sector as Sun to Cut Work Force (November 14, 2008)
- 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)
- In September 2008, Sun had approximately 33,000 employeesBloomberg.com: Sun Will Cut up to 6,000 Workers... (November 14, 2008)
- 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)
- 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)
- 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)
- 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)
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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)
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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Sun Microsystems Layoffs Questions
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Of Sun Microsystems Inc., citing Sun's "precarious" financial condition and fears about more layoffs at the struggling computing company.
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Of Sun Microsystems Inc., citing Sun's "precarious" financial condition and fears about more layoffs at the struggling computing company.
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