Kodak plans to eliminate 3,000 more positions
NEW YORK - Eastman Kodak Co. is cutting 3,000 more jobs this year as the picture-taking pioneer wraps up its wrenching transformation into a digital-imaging company focused on consumer photography and commercial printing.
By year-end, its work force will slip below 30,000, less than half what it was just three years ago.
On top of 27,000 layoffs already targeted, Kodak said Thursday it is reducing its payroll even further to accommodate the $2.35 billion sale in January of its health-imaging unit and its costly foray this week into a high-margin inkjet-printer market dominated by Hewlett Packard Co.
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YouTube founders got millions in Google shares
MOUNTAIN VIEW, Calif. - The investors and founders of YouTube received hundreds of millions of dollars in Google shares as a result of the deal between the two companies late last year, according to new documents.
The big payout was included in a regulatory filing Google made with the Securities and Exchange Commission. The paperwork offered a more detailed account than previously disclosed of the sale's beneficiaries.
The $1.76 billion acquisition of the video-sharing Web site was the biggest in Google's history, and took place less than two years after YouTube was founded. The startup had about 70 employees when the deal was announced in October.
In total, online search leader Google Inc. registered about 3.23 million Class A shares to issue to former YouTube stockholders, according to the filing.
Circuit City to shutter dozens of locations
RICHMOND, Va. - Circuit City Stores Inc., the nation's No. 2 consumer electronics retailer, said Thursday it plans to close seven domestic Superstores, a Kentucky distribution center and 62 company-owned stores in Canada to cut costs and improve its financial performance.
The closings will take place over the next six months at an expected total cost of $85 million to $105 million, all to be incurred in the current fourth fiscal quarter, which ends Feb. 28, Circuit City said.
Circuit City would not identify the stores to be closed because company officials were in the process of notifying employees. The stores will be closed Monday, then reopen Wednesday for clearance sales, spokesman Bill Cimino said.
More file for benefits; economists not worried
WASHINGTON - The number of newly laid-off workers filing for unemployment benefits edged up slightly last week but was at a level that signaled a solid labor market.
The Labor Department reported Thursday that 311,000 newly jobless workers applied for benefits last week, 3,000 more than the previous week.