Apple asks workers to take time off [u]
November 26th 2008
That sudden chill you're feeling can't be cured by turning up the heat or putting on a sweater. The latest cold front in the ongoing economic meltdown is emanating from the heretofore recession resistant tech sector.
SFGate reports that Cisco Systems will close most of its US and Canadian offices for four days--Dec 29 through Jan 2-- as part of a plan to cut $1 billion in costs in the current fiscal year. The company forecasts that sales will fall 5 to 10 percent in the current quarter as the credit crisis chokes off corporate sales.
Stronger still is HP's plan to close its offices for two weeks instead of the traditional one. Further, Apple and Adobe reportedly are also asking workers to take time off.
[u] In related news, AppleInsider reports that Apple Store part timers may see their hours cut ahead of what's expected to be a rough holiday shopping season.
People familiar with the matter say Apple plans to cope with the harsh economic climate by minimizing the need to lay off staff in favor of reducing hours and asking others to perform double duty.[u]
Until now tech has been largely spared the ravages of the credit crisis with both HP and Apple reporting stellar quarterly results.
This news adds tens of thousands of people to the list of those likely to be cutting back this holiday season. What's next? Widespread tech sector layoffs?
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