The name Seagate may not ring any bells for most people–at least not right off the bat. Essentially, they’re a hardware manufacturer (with products like hard drives). And, unfortunately, they’re going to be laying off roughly 1100 employees; or, 2.5% of its staff. Seagate hopes that this move will return them to profitability by the year 2010. Most of the layoffs will be completed by July of this year.
This comes amid a huge bump in unemployment claims. Most of the new claims are coming from the auto industry, which has led to a new record high (remember last week when we saw unemployment claims drop? Yeah, not so much anymore). This is likely to continue over the summer for two main reasons. The first is Chrysler’s bankruptcy (the closing of dealerships, plants, etc, while the company restructures). The second is that GM is closing a number of its own plants over the summer. Which almost puts those people in a worse position than someone who has been layed off. GM factory employees might have a job when GM decides to reopen the plants. They might not. And in the mean time, what do you do?
I’m sure there’s advice on ilostmyjob.com.