Welcome to the Great Recession (Jungle)
CIGA Eric

Welcome To The Jungle ^[1] defined by excessive debt, endless quantitative easing, and lower standard of livings.

Civilian Unemployment Rate
^[2]
Headline: Cisco to cut workforce by 11,500

Cisco Systems (CSCO.O) plans to cut its workforce by 11,500 employees as part of its plan to cut annual expenses by $1 billion and revive its business.

Cisco said on Monday that it would cut 6,500 employees. Of those, 2,100 employees will take early retirement.

The company also plans to sell its manufacturing facility in Juarez, Mexico, to Foxconn (2354.TW) and transfer 5,000 employees to the contract manufacturing company as part of the deal.

Source: reuters.com ^[3]

Headline: Borders, unable to find white knight, to liquidate

Borders Group Inc (BGPIQ.PK), the second-largest U.S. bookstore chain, said it has canceled an upcoming bankruptcy auction and will close its doors for good.

The company said in a statement Monday it was unable to find a buyer willing to keep it in operation and will sell itself to a group of liquidators led by Hilco Merchant Resources.

Borders’ roughly 400 remaining stores will close, and nearly 11,000 jobs will be lost, according to the company.

"We are saddened by this development," Borders President Mike Edwards said in the statement. "We were all working hard towards a different outcome, but the headwinds we have been facing for quite some time … have brought us to where we are now."

Source: reuters.com ^[4]

Source: dailyjobcuts ^[5]

More… ^[6]