Sun clouds over as another 1,500 workers are let go
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.