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03/10/2001
Nortel announce further job losses worldwide
Concern is mounting for jobs at Monkstown as telecoms giant Nortel has confirmed that it is to cut 20,000 jobs as part of a worldwide restructuring programme.
In addition, the company, who also has appointed a new chief executive, has warned that third-quarter losses are likely to amount to billions of dollars – and admitted that they could not make any projection for possible results in the fourth quarter.
Chief Financial Officer Frank Dunn replaces former CEO John Roth, who announced his intention to resign in April of this year. Mr Dunn now takes the helm of Nortel at a time of extreme uncertainty in the economic climate as the acute slowdown in the technology sector has hit the company hard.
Nortel’s current strategy to regain profitability has seen the hi-tech firm considering a wave of sell-offs, following the sale of its Clarify subsidiary for $200 million in cash. The move comes a year after Nortel bought the customer relations management division for $2.1 billion in stock.
While Nortel has provided no detailed breakdown on the jobs losses, widespread job cuts are continuing to be implemented, and have seen Nortel’s workforce drop dramatically from January’s high of 95,000 following several rounds of redundancies. While 45,000 jobs have currently been retained, it is unclear as to how many of those are guaranteed for the future.
However, if Nortel chooses to go ahead with sales of its subsidiaries, it is thought that at least 10,000 workers could be assured of permanent positions. (CL)
In addition, the company, who also has appointed a new chief executive, has warned that third-quarter losses are likely to amount to billions of dollars – and admitted that they could not make any projection for possible results in the fourth quarter.
Chief Financial Officer Frank Dunn replaces former CEO John Roth, who announced his intention to resign in April of this year. Mr Dunn now takes the helm of Nortel at a time of extreme uncertainty in the economic climate as the acute slowdown in the technology sector has hit the company hard.
Nortel’s current strategy to regain profitability has seen the hi-tech firm considering a wave of sell-offs, following the sale of its Clarify subsidiary for $200 million in cash. The move comes a year after Nortel bought the customer relations management division for $2.1 billion in stock.
While Nortel has provided no detailed breakdown on the jobs losses, widespread job cuts are continuing to be implemented, and have seen Nortel’s workforce drop dramatically from January’s high of 95,000 following several rounds of redundancies. While 45,000 jobs have currently been retained, it is unclear as to how many of those are guaranteed for the future.
However, if Nortel chooses to go ahead with sales of its subsidiaries, it is thought that at least 10,000 workers could be assured of permanent positions. (CL)
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02 October 2002
Sir Reg acts to address East Antrim job losses
Enterprise Minister, Sir Reg Empey, has said he will chair a Forum on job losses in the East Antrim area – which will be held next Thursday in Carrickfergus. The Forum will involve MLAs, councillors, economic development officers, business organisations, trade unions and company representatives.
Sir Reg acts to address East Antrim job losses
Enterprise Minister, Sir Reg Empey, has said he will chair a Forum on job losses in the East Antrim area – which will be held next Thursday in Carrickfergus. The Forum will involve MLAs, councillors, economic development officers, business organisations, trade unions and company representatives.
20 November 2015
Job Losses Following Xtra-vision Closures
Eighteen full-time and a number of part-time jobs are to be lost with the closure of of eight Xtra-vision stores across Northern Ireland. The DVD and video rental chain has said that the "continued decline in rentals" has led to the store closures. The chain was bought by Hilco Capital Ireland for an undisclosed sum in 2014.
Job Losses Following Xtra-vision Closures
Eighteen full-time and a number of part-time jobs are to be lost with the closure of of eight Xtra-vision stores across Northern Ireland. The DVD and video rental chain has said that the "continued decline in rentals" has led to the store closures. The chain was bought by Hilco Capital Ireland for an undisclosed sum in 2014.
14 November 2024
Police Appeal Following Burglary In Ahoghill
Detectives are appealing for information following a report of a burglary in Ahoghill on Tuesday, 12th November. Police received a report that the back door of a house on the Ballymena Road was forced open shortly before 6pm.
Police Appeal Following Burglary In Ahoghill
Detectives are appealing for information following a report of a burglary in Ahoghill on Tuesday, 12th November. Police received a report that the back door of a house on the Ballymena Road was forced open shortly before 6pm.
23 October 2003
Shirt company closure results in 51 job losses
A shirt manufacturing company in Co Donegal has announced that it is to close one of its plants with the loss of 51 jobs. Clubman Omega Ltd will close its Carndonagh plant but will continue to manufacture shirts at its Buncrana base.
Shirt company closure results in 51 job losses
A shirt manufacturing company in Co Donegal has announced that it is to close one of its plants with the loss of 51 jobs. Clubman Omega Ltd will close its Carndonagh plant but will continue to manufacture shirts at its Buncrana base.
05 March 2015
Discussions To Be Held Over 200 Job Losses At Ageas
Political representatives and Invest NI are told to hold a meeting with the management of Ageas Belfast today, Thursday, following the announcement of over 200 job losses. The firm plans to close its call centre at Springvale Business Parkm and a 90-day redundancy consultation period has began.
Discussions To Be Held Over 200 Job Losses At Ageas
Political representatives and Invest NI are told to hold a meeting with the management of Ageas Belfast today, Thursday, following the announcement of over 200 job losses. The firm plans to close its call centre at Springvale Business Parkm and a 90-day redundancy consultation period has began.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
