Sun clouds over as another 1,500 workers are let go
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As announced back in November and discussed during their most recent earnings call, Sun's effort to reduce their workforce by 15-18% continues this week with layoffs for 1500 employees. It is believed that most of the positions are sales jobs and other "customer-facing" staff.
The layoffs, which overall are expected to affect 5,000-6,000 staffers, will cost the company $375-$450 million, after which they're expected to save Sun between $700 million and $800 million annually. The company's next earnings call will take place on April 28; their Q3 '09 ends today.