Dios Mio !!!! - 7,000 jobs axed at Starbucks, 10,000 at Boeing......Where does it end?

from MarketWatch:



Starbucks to close more stores as profit drops
By Matt Andrejczak, MarketWatch


SAN FRANCISCO (MarketWatch) -- Starbucks, jolted by the weak economy, said Wednesday it plans to close 300 more coffee shops, further slow expansion, and cut more jobs. Its profit dropped 69% in the latest quarter, missing analysts' expectations.

Starbucks now plans to close a total of 977 stores, including previously announced sites in Australia. The next round of closures will consist of 200 U.S. stores and another 100 overseas. It will result in as many as 6,000 jobs lost at the store level and 700 at the office level, including half at the company's Seattle support center.

All the stores are expected to shut down by this September, with 384 locations already closed.
Starbucks has stumbled amid mounting job losses and tighter consumer spending. A year ago, the coffee-shop chain embarked on a plan to rejuvenate its business after weaker traffic trends began to surface, prompting Howard Schultz to return as chief executive officer.

For the quarter ended Dec. 28, Starbucks reported net income of $64.3 million, or 9 cents a share, which included hefty charges to shut down stores and lay off workers. Excluding charges, Starbucks said it made 15 cents, below the average analyst target of 17 cents, according to FactSet Research. ..........(more)

The complete piece is at: http://www.marketwatch.com/news/story/As-sales-suffer-Starbucks-shutter/story.aspx?guid=%7BC41AAEE5%2DFBC6%2D42F5%2DAC61%2D1545E31DA3AF%7D


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Boeing lowers 2009 outlook, plans 10,000 job cuts
Swings to fourth-quarter loss stemming from machinists' strike
By Christopher Hinton, MarketWatch


NEW YORK (MarketWatch) -- Boeing Co. lowered its 2009 earnings outlook on Wednesday to reflect weakening economic conditions, saying it plans to more than double job cuts to about 10,000 as the aerospace giant weighs the possibility of a modest production cut for the year.

"The global economy continues to weaken and is adversely affecting air-traffic growth and financing," said Chairman and Chief Executive Jim McNerney.

"We are also expecting pressure on defense budgets in light of the economic recovery and financial-rescue packages," he said during a conference call with analysts.

Boeing lowered its earnings forecast for 2009 to a range of $5.05 to $5.35 a share, down from its prior view of $6.80 to $7 a share. Analysts polled by FactSet Research had been looking for a profit of $5.76 a share, on average.

The Chicago manufacturer cited higher pension-related costs, lower interest income and the impact of last year's machinist strike as factors behind the softer outlook. ........(more)

The complete piece is at: http://www.marketwatch.com/news/story/Boeing-posts-quarterly-loss-slashes/story.aspx?guid=%7B2EF70A21%2D8636%2D42C5%2DB56B%2DC1A89E638866%7D

Guess we know which state's getting fucked the hardest at the moment.

Unfortunately, it's the one I live in :evilfrown:

As a Michigander, I can relate to the feeling of getting f**ked by the Big Three.

Russell plans to cut 420 jobs