Clothing designer Jones Apparel Group announced plans to lay off more than 1,900 workers, closing several Nine West shoe manufacturing plants, as it absorbs the purchase of the nation's top maker of women's shoes. The planned layoffs include 550 workers at its Kentucky and Indiana facilities, as well as 1,170 workers in the Dominican Republic. Another 190 employees at the St. Louis office, which is slated for closure, will also lose their jobs. SGI, formerly Silicon Graphics, says it will lay off up to 1500 workers and sell or spin off several businesses. The company specializes in sophisticated graphical computers such as those used to create special effects for movies.
Management says the restructuring is needed because of continuing losses and low market share.
Sears, Roebuck and Company, the second largest US retailer, reported plans to eliminate 1,400 jobs at its Chicago headquarters by October 31. The cuts include 10 percent of the 6,000 workers on payroll, and all 800 temporary and contract workers working at its offices. The announcement followed reports of record profits for the fiscal year ending May 31. Internationally, Spain's biggest bank, BSCH, announced plans to reduce its workforce by 10,000 this year. Six thousand jobs will be cut in Spain and the balance in Latin America.