Starfucks has fired 1,000 of its management staff. 180 of these were at the corporate headquarters in Seattle.

Source: Seattle Pi-I

Bennigan’s Grill and Taverns nationwide will be closing down because of the company’sbankruptcy. Apparently the company is so poorly managed, that managers of Bennigan’s restaurants found out at the absolute last minute.

The chief financial officer of Wachovia, Thomas Wurtz, has resigned according to Yahoo finance.

The brain surgeons running Ford lost a staggering $8.4 billion in the second quarter. Don’t worry, though — Ford wants you to know that they are “retooling” their SUV and truck plans. It’s likely that this means they’re going to laying off a shitload of people who actually do their jobs while the assholes at the top are going to continue running the company into the ground.

Nothing too earth-shaking, nothing too bad, but it’s a company memo so I’m posting it dammit. In it, he discusses competing with Apple, Google, and the fallout from Yahoo!. Happy reading:
Read more »

Chrysler sent a letter to employees today that said because of “the prolonged slump” in the U.S. auto industry, 1,000 workers will be cut by October.

Source: The Baltimore Sun

According to rumors, Vivendi UK faces a “major layoff session” after its merger with Activision. Several Sierra game titles are also facing the chopping block.

Source: Fragland

The Pechanga Indian Casino of California will begin laying off nearly 10% of its workforce in August. 400 employees will be let go out of 4,770 because of “economic conditions.” Amy Minniear, president and chief blowhard of Pechanga had this to say:

“For months, we have resisted the pressure to lay team members off; but because of the prolonged economic downturn, we must downsize in order to adjust to the current market conditions and position ourselves for success once the economy recovers.”

Before I posted that after its loss of $8.9 billion, Wachovia would fire 6,350. Turns out, I was wrong and the real number is closer to 11,000 according to The New Observer.

E-Gold is an online payment system that claims to back funds with gold bullion. Yesterday, according to the justice department, three E-Gold directors pleaded guilty to ‘conspiracy to engage in money laundering and operating an unlicensed money-transmitting business.’ The company was fined $1.75 million, and the executives themselves face up to 25 years in prison. An E-Gold spokesperson then posted this statement on its web-page apologizing for its misconduct and vowing to turn itself around.

A spinoff of FunnyOrDie, BlueCollarOrDie, has been shut down. The site was meant to attract the Jeff Foxworthy crowd, but it was never able to find more than 20,000 of them per month. Site backers include: HBO, Will Ferrell, and venture capital firm Sequoia Capital.

Source: Reuters

Wachovia stunned Wall Street when it announced that in the last quarter it lost $8.9 billion dollars. In an emergency move, it has cut 6,350 workers, shut down its mortgage unit, and slashed its dividend. Company chairman, Lanty “The Smiler” Smith had this to say:

“These bottom-line results are disappointing and unacceptable.”

You said it, Smiler.

Monaco Coach isn’t selling as many RVs as it expected to in a $140.00 per-barrel economy so its laying off 1,400 members of its workforce.

Source: The South Bend Tribune

Citigroup stunned Wall Street today when it announced that its second quarter loss was $2.5 billion dollars. This was less red-ink than analysts had expected them to lose so the stock is on the rise. Congrats on not burning through more, guys.