Economy Forces Cutbacks
By: Nate Potter
Updated: October 22, 2008
Web search engine Yahoo will be eliminating ten percent of its workforce. 84 Lumber will begin closing 20 of it's stores across the nation.
These reports come during heavy economic times. Both companies cite the tough economic climate for the cutbacks. Yahoo lost 64 percent of its profits last quarter. Yahoo expects to lose 1,500 workers. In february, they had cut 1,000 jobs. Yahoo turned down a 47.5 billion dollar offer from Microsoft to buy the search engine. Yahoo turned down that offer because they felt undervalued.
84 Lumber expects to close 20 stores by the end of the year. They have not yet released the locations of the stores. Company officials say they will have closed 80 stores by the end of 2008. The lumber company will offer some employees at the affected stores will be given the opportunity to transfer to other stores.
These reports come during heavy economic times. Both companies cite the tough economic climate for the cutbacks. Yahoo lost 64 percent of its profits last quarter. Yahoo expects to lose 1,500 workers. In february, they had cut 1,000 jobs. Yahoo turned down a 47.5 billion dollar offer from Microsoft to buy the search engine. Yahoo turned down that offer because they felt undervalued.
84 Lumber expects to close 20 stores by the end of the year. They have not yet released the locations of the stores. Company officials say they will have closed 80 stores by the end of 2008. The lumber company will offer some employees at the affected stores will be given the opportunity to transfer to other stores.
