In a sign that the recession is not behind us yet Time inc is having to make between 400 and 500 people redundant. This is the result of a $100 million cost saving program. The first to face redundancies is the news group with about 15-20 people having been told yesterday. The majority of the redundancies will happen today. Time Inc has about 10.000 employees Worldwide and the redundancies remain a small percentage of the total. Via Time Inc Layoffs Begin; About 400-500; News Group First To Start | paidContent.
The publishing group saw a 40% decline in earnings and a 18% drop in sales. That segment has long been the topic of rumor of its future, including a potential sale. But Time Warner has repeatedly expressed its commitment to the business. Via Time Warner 3Q Profit Falls 38%, Raises View ((TWX), (US887317)) at SmartMoney.com
On the same day Microsoft announced it would be making 800 people redundant across the company in a response to falling sales and profits. Microsoft announced earlier that it will have to eliminate 5.000 jobs Worldwide. In related news. Via Microsoft Cuts 800 More Positions | paidContent
Employees at Microstock got a heads up when just like with the last round a number of conference rooms were bookd ahead of the announcement.