Akamai cuts 7%
Akamai Technologies Inc. said Wednesday it was shedding 110 workers, or about 7 percent of its workforce. (BizJournals)
Intellicares not
IntelliCare Inc., a telemedicine company in South Portland, which was once considered a rising tech company, will close by the end of February.
IntelliCare, which is owned by Medco Health Solutions of New Jersey, will eliminate most of its 250 jobs, retaining only 35 to 50 people to work remotely for Medco, according to the Portland Press Herald. IntelliCare, which was founded in 1997, supplies nursing care services via telephone to health care providers. Medco said it is closing the facility because it does not fit into its long-term business plan. (MaineBiz)
No Rebate for you
This one baffles us considerably. Shouldn’t they have some sort of protected account that represents the reasonable cash obligations of outstanding rebates?
One of the nation’s largest rebate processing firms, CPG (RebateStatus.com) has filed for Chapter 11 bankruptcy protection. What does that mean for you? Well, if you happened to mail-in a rebate form with a company that CPG works with, your check may be in limbo because they don’t have the money to cash it. (Gizmodo)
PCMag goes to print on demand
Of course, you have to print on your own printer at home…
Founded in 1982 and at times so rich with ads its issues reached as many as 600 pages, Ziff Davis’s PC Magazine will issue its last print edition this January, thereafter becoming an online-only publication. Ziff Davis, which recently exited bankruptcy will lay off seven print production employees (SAI)
50k to go at Citi
That is like a small city at this point. How can we realize our science fiction fantasy or allegiance to corporations instead of nation states if these companies keep trashing jobs? Please don’t let the nation of Walmart be the only option!
Fallout from the financial crisis is walloping the people on Wall Street who created it — and many who didn’t.
Citigroup Inc. revealed plans Monday to remove more than 50,000 jobs from the financial giant’s payroll in a bid to drastically reduce expenses and rebound from billions of dollars in losses brought about by the housing-market collapse and weakening economy. (LA Times)
Can’t the Valley keep the faith?
NY Times has an interesting article on doom and gloom by Powerpoint originating out of Valley VCs.
Maybe it was the tombstone that did it. Even as Wall Street burned, Silicon Valley seemed strangely sanguine. Then a PowerPoint presentation from Sequoia Capital prophesying Armageddon — featuring an “R.I.P. Good Times” headstone — made the rounds. A month later, venture capital firms are slashing investments and counseling portfolio companies to cut jobs. Sequoia’s warning may reflect the technology industry’s woes, but it’s more notable for what it says about venture capital. (NY Times)
Yanking the Yang
About time…enough said.
Yahoo announced that Yang, 40, will step down as CEO and return to his former role as “Chief Yahoo.” The company’s board said it has hired headhunter Heidrick & Struggles to find a replacement. (CNN)
Wireless downsizing
Wireless chipset company Wisair Ltd. is firing 30 employees. The company, which was founded in 2001 by president and CEO David Yaish and is a member of the RAD group of companies, has raised a total of $70 million in several financing rounds, the last of which was in February. (Globes Online)
Almost as bad as 2003
The horror. The horror.
Challenger, Gray & Christmas has come out with a scary report that forecasts a mammoth 180,000 job cuts in the technology sector in the near future. If the projection is correct, it would be the highest number since 2003. (IT Examiner)
